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.