Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019:
Aug. 5: $ \quad $ Purchased $ \$ 2,900 $ of merchandise on account. Freight and credit terms were FOB shipping point, $ 3 / 15, \mathrm{n} / 60 $.
Aug. 9: Paid transportation costs of $ \$ 440 $ for the Aug. 5 purchase.
Aug. 10: Returned $ \$ 600 $ of defective merchandise that had been purchased on Aug. 5 .
Aug. 15: Paid for the merchandise purchased on Aug. 5.
Prepare journal entries for August 10 and 15. Omit explanations.

Question

Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019:
 Aug. 5: $ \quad $ Purchased $ \$ 2,900 $ of merchandise on account. Freight and credit terms were FOB shipping point, $ 3 / 15, \mathrm{n} / 60 $.
Aug. 9: Paid transportation costs of $ \$ 440 $ for the Aug. 5 purchase.
Aug. 10: Returned $ \$ 600 $ of defective merchandise that had been purchased on Aug. 5 .
Aug. 15: Paid for the merchandise purchased on Aug. 5.
 Prepare journal entries for August 10 and 15. Omit explanations.

Quizplus · Accepted Answer

The Answer of Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019:
 Aug. 5: $ \quad $ Purchased $ \$ 2,900 $ of merchandise on account. Freight and credit terms were FOB shipping point, $ 3 / 15, \mathrm{n} / 60 $.
Aug. 9: Paid transportation costs of $ \$ 440 $ for the Aug. 5 purchase.
Aug. 10: Returned $ \$ 600 $ of defective merchandise that had been purchased on Aug. 5 .
Aug. 15: Paid for the merchandise purchased on Aug. 5.
 Prepare journal entries for August 10 and 15. Omit explanations.

Abe's Printing Supply Company Uses a Perpetual Inventory System \quad

Abe's Printing Supply Company Uses a Perpetual Inventory System $\quad$