Question: Record the following transactions in general journal form using the periodic inventory system:
June 5 Sold merchandise on account to Wilson, Inc., $520; terms 1/10, n/30.
12 Bought merchandise on account from Mastercraft Company, $425; terms 2/10, n/45; FOB shipping point.
15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $45.
June 17 Received full payment from Wilson, Inc. 20 Received a credit memo from Mastercraft Company for defective merchandise returned, $75.
25 Paid Mastercraft Company in full within the discount period.
29 Bought merchandise on account from Boze Industries, $1,090; terms 1/15, n/30; freight prepaid and added to the invoice, $52 (total $1,142).