Question - Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year.
Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,200.
Jan. 8 Paid freight charge on merchandise purchased, $330.
Jan. 12 Sold merchandise on account to Diamonds Unlimited, $4,100.
Jan. 15 Received a credit memo from Prestigious Jewelers for merchandise returned, $670.
Jan. 22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $850.
Journalize the transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank.