07 Feb The following selected transactions were completed
The following selected transactions were completed by Lorimer Company during August of the current year. Lorimer Company uses the periodic inventory system.Aug. 3. Purchased $24,500 of merchandise on account, FOB shipping point, terms 2/10, n/30.Aug.4. Paid transportation costs of $475 on the August 3 purchase.Aug.7. Returned $4,000 of the merchandise purchased on August 3.Aug.11. Sold merchandise on account, $12,700, FOB destination, 2/15, n/30. The cost of merchandise sold was $7,600.Aug.12. Paid transportation costs of $300 for the merchandise sold on August 11.Aug.13. Paid for the purchase of August 3 less the return and discount.Aug.26. Received payment on account for the sale of August 11 less the discount.Journalize the entries to record the transactions of Lorimer Company.