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Prepare journal entries under a periodic inventory system

Problem

Prepare journal entries, under a periodic inventory system, for the following:

1. Tania's Tables Ltd. purchased 4 tables at $1500 each for resale on credit. How would she journalise this?

2. Tania realises that 1 of the tables purchased was faulty and she returns it for a full refund. How would she journalise this?

3. Then, Tania sells 2 of the tables at a 50% mark-up by cash. How is this recorded in the book?

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Accounting Basics: Prepare journal entries under a periodic inventory system

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