Table 5-9
Reid Art Supply Company Uses a Perpetual Inventory $\text {Aug. 5 Purchased \(\$ 2,900\) of merchandise on account; FOB shipp ing point, \(3 / 15 , n / 60\).}$

Table 5-9
Reid Art Supply Company uses a perpetual inventory system. The company had the following transactions during August, 2019: $\text {Aug. 5 Purchased \(\$ 2,900\) of merchandise on account; FOB shipp ing point, \(3 / 15 , n / 60\).}$
$\text {Aug. 9 Paid transportation costs of \(\$ 440\) for the Aug. 5 purchase.}$
$\text {Aug. 10 Returned \(\$ 600\) of defective merchandise purchased on Aug. 5.}$
$\text {Aug. 15 Paid the amount owing for the merchandise purchased Aug. 5 .}$
-Record the August journal entries for Reid Art Supply.