Question 1 (9 points)Hamond Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.> Hamond Company purchased on account $3,600 of merchandise from Charlie Company on May 3, 2016.> Hamond Company returned, to Charlie Company, $500 of this merchandise on May 5, 2016.> Freight charges related to this transaction of $250 were paid by Charlie Company.Use this information to prepare Hamond Company’s compound General Journal entry (without explanation) for the payment for merchandise on May 10. If no entry is required then write “No Entry Required
Recent Comments