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Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the merchandise purchased on account for $5,300. Note: Enter debits before credits. Transaction 1a General Journal Debit < Prev Credit 2 of 17 Next > Check my wor
Transcribed Image Text:Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the merchandise purchased on account for $5,300. Note: Enter debits before credits. Transaction 1a General Journal Debit < Prev Credit 2 of 17 Next > Check my wor
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