The following selected transactions were completed by Artic Comp


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The following selected transactions were completed by Artic Comp 1 answer below » The following selected transactions were completed by Artic Company during February of the current year. Artic Company uses the periodic inventory system. Feb. 2. Purchased $17,500 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $300 on the February 2 purchase. 6. Returned $2,000 of the merchandise purchased on February 2. Feb. 13. Sold merchandise on account, $9,000, FOB destination, 2/10, n/30. The cost of merchandise sold was $6,600. 15. Paid freight of $100 for the merchandise sold on February 13. 17. Paid for the purchase of February 2 less the return and View complete question » The following selected transactions were completed by Artic Company during February of the current year. Artic Company uses the periodic inventory system. Feb. 2. Purchased $17,500 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5. Paid freight of $300 on the February 2 purchase. 6. Returned $2,000 of the merchandise purchased on February 2. Feb. 13. Sold merchandise on account, $9,000, FOB destination, 2/10, n/30. The cost of merchandise sold was $6,600. 15. Paid freight of $100 for the merchandise sold on February 13. 17. Paid for the purchase of February 2 less the return and discount. 23. Received payment on account for the sale of February 13 less the discount. Journalize the entries to record the transactions of Artic Company. View less » Oct 11 2013 08:06 AM

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