10 Mar The following transactions occurred between Kinzer
The following transactions occurred between Kinzer Furniture and M The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year:May 4 Kinzer Furniture purchased $5,800 of merchandise from M & L Furniture Warehouse on account, terms 2/15, n/30, FOB shipping point.The goods cost M & L Furniture Warehouse $3,300.7 Kinzer Furniture paid a $125 freight bill for delivery of the goods purchased on May 4.10 Kinzer Furniture returned $1,400 of the merchandise purchased on May 4.The goods cost M & L Furniture Warehouse $800.18 Kinzer Furniture paid $2,000 of the May 4 invoice less the discount.31 Kinzer Furniture paid the remaining amount owed on the May 4 invoice.Requirements1. Journalize all necessary transactions for Kinzer Furniture, using(a) The perpetual inventory system(b) The periodic inventory system2. Journalize these transactions on the books of M & L Furniture Warehouse, using(a) The perpetual inventory system(b) The periodic inventory system Omit explanations.The following transactions occurred between Kinzer Furniture and M
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