Prepare the necessary journal entries to record the following transactions assuming Dakin Company uses a perpetual inventory system.
(a) Purchased $35000 of merchandise on account terms 2/10 n/30.
(b) Returned $700 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

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The Answer of Prepare the necessary journal entries to record the following transactions assuming Dakin Company uses a perpetual inventory system.
(a) Purchased $35000 of merchandise on account terms 2/10 n/30.
(b) Returned $700 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.

Prepare the Necessary Journal Entries to Record the Following Transactions