Question

The following transactions were completed by flashpoint Inc for the month of March. The company uses the perpetual system for merchandising transactions.05-Mar Purchased merchandise from Mobley Co. for $9,000 under credit terms of 1/15, n/30 FOB shipping point. 06-Mar sold merchandise to Cornerstone Company for $1,200 under credit FOB shipping point The merchandise had cost $750 07-Mar Paid $150 for freight charges on the purchase of March 5. 09-Mar sold merchandise that cost $1,800 for $2,400 cash 10-Mar Purchased merchandise from Richter Co. for $3,450 under credit terms FOB destination. Mar Received a $300 credit memorandum acknowledging the return of merchandise purchased March 10. 16-Mar Received the balance due from Cornerstone Company for the credit sale dated March 6. 16-Mar Sold for cash a piece of office equipment at its original cost, $500. 20-Mar Paid the balance due to Mobley Co. 21-Mar Sold merchandise that cost $1,350 to Harrill Co. for $1,875 under credit terms of 2/15, n/60, FOB shipping point. 22-Mar Issued a $300 credit memorandum to Harrill Co. for an allowance on goods sold March 21. 23-Mar Received a debit memorandum from Harrill Co. for an error that overstated the total invoice by $75. 25-Mar Paid Richter Co. the balance due. 31-M31-Mar Received the balance due from Harrill Co. for the credit sale dated March 21. Required. On the following pages (in the general journal) record the transactions above (using the perpetual system Explanations are not necessary and leave a line between each entry. In the general journal redo the transactions again using the periodic system.