Using the information in Exercise 9 complete the

requirements assuming #4395

Using the information in Exercise 9, complete the requirements assuming a periodic inventory
systemIn Exercise 9On May 11, 2014, Wilson Purchasing purchased $30,000 of merchandise
from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was
$20,000. Wilson issued cheque # 84 in the amount of $335 to pay Express Shipping Service for
the delivery charges on the merchandise on May 11. On May 12, Wilson returned $1,200 of
goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel
$800. On May 20, Wilson mailed cheque # 85 to Hostel for the amount owed on that date.
Hostel received and recorded the cheque on May 21.Required1. Record the transactions for
Wilson Purchasing in a Purchases Journal, Cash Disbursements Journal, and General Journal
as appropriate.2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts
Journal, and General Journal as appropriate. Assume invoice #1601 for the May 11 sale.View
Solution:
Using the information in Exercise 9 complete the requirements assuming

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