Babylon Corporation Uses a Periodic Inventory System

Essay

Babylon Corporation uses a periodic inventory system. During October, the following transactions occurred:Oct 3 Purchased $16,000 of merchandise on credit, terms 4/10, n/30.6 Returned $1,600 of the goods purchased on Oct 3.7 Paid freight charges of $250 for goods purchased on Oct 3.12 Paid for the goods purchased on Oct 3.InstructionsPrepare journal entries to record the above transactions.