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Journalize the Following Transactions Assuming a Perpetual Inventory System:May 5Purchased

Question 203

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Journalize the following transactions assuming a perpetual inventory system:May 5Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.Prepaid freight costs of $100 were added to the invoice.12Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.14Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount.??  Journal  Date  Description  Post.  Ref.  Debit  Credit \textbf { Journal } \\\begin{array} { | c | c | c | c | c | } \hline \textbf { Date } & \textbf { Description } & \begin{array} { c } \textbf { Post. } \\\textbf { Ref. }\end{array} & \textbf { Debit } & \textbf { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array}

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