Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis returned $1,350 of the merchandise and received full credit. Travis Company paid for the merchandise within the discount period.
Under a perpetual inventory system, record all of the journal entries required for the above transactions.

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The Answer of Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis returned $1,350 of the merchandise and received full credit. Travis Company paid for the merchandise within the discount period.
Under a perpetual inventory system, record all of the journal entries required for the above transactions.

Travis Company Purchased Merchandise on Account from a Supplier for $7,500