Using the information in Exercise 7 a Present the journal

entries #4361
Using the information in Exercise 7:a. Present the journal entries that Wilson Purchasing should
record for these transactions assuming a periodic inventory system.b. Present the journal
entries that Hostel Sales should record for these transactions assuming a periodic inventory
system.In Exercise 7On May 11, 2014, Wilson Purchasing purchased $25,000 of merchandise
from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was
$20,000. Wilson paid $1,500 to Express Shipping Service for the delivery charges on the
merchandise on May 11. On May 12, Wilson returned $4,000 of goods to Hostel Sales, which
restored them to inventory. The returned goods had cost Hostel $3,200. On May 20, Wilson
mailed a cheque to Hostel for the amount owed on that date. Hostel received and recorded the
cheque on May 21.View Solution:
Using the information in Exercise 7 a Present the journal entries

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