Gadget Palace is a retailer selling unique hardware.Gadget Palace uses a perpetual inventory system.Journalize the following transactions:
On July 5,Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10,n/30.
On July 6,Gadget Palace pays Fast Truck Transport $75.00 for freight-in on the July 5 order.
On July 8,Gadget Palace receives a credit memo from Turbo Tools for $215.00 for damaged merchandise.
On July 15,Gadget Palace pays Turbo Tools the balance due.
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