Reid Art Supply Company uses a perpetual inventory system.The company had the following transactions during August,2015:
August 5: Purchased $2,900 of merchandise on account.Freight and credit terms were FOB shipping point,3/15,n/60.
August 9: Paid transportation costs of $440 for the Aug.5 purchase.
August 10: Returned $600 of defective merchandise that had been purchased on Aug.5.
August 15: Paid for the merchandise purchased on Aug.5.
Give journal entries for August 10 and 15.

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The Answer of Reid Art Supply Company uses a perpetual inventory system.The company had the following transactions during August,2015:
August 5: Purchased $2,900 of merchandise on account.Freight and credit terms were FOB shipping point,3/15,n/60.
August 9: Paid transportation costs of $440 for the Aug.5 purchase.
August 10: Returned $600 of defective merchandise that had been purchased on Aug.5.
August 15: Paid for the merchandise purchased on Aug.5.
Give journal entries for August 10 and 15.

Reid Art Supply Company Uses a Perpetual Inventory System