A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019:
$$\begin{array} { l l l }
\text { Date } & \text { Trancection } & \text { Amount } \
\hline \text { Aug. 5 } & \text { Purchased inventory on account } & \$ 300,000 \
\text { Aug. 9 } & \text { Paid for transportation of goods purchased } & 25,000 \
\text { Aug. 10 } & \text { Returned defective merchandise to the seller } & 20,000 \
\text { Aug. 15 } & \text { Paid for goods purchased on August 5 } & \text { ? }
\end{array}$$ Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations.

Question

A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019:
 $$\begin{array} { l l l } 
\text { Date } & \text { Trancection } & \text { Amount } \
\hline \text { Aug. 5 } & \text { Purchased inventory on account } & \$ 300,000 \
\text { Aug. 9 } & \text { Paid for transportation of goods purchased } & 25,000 \
\text { Aug. 10 } & \text { Returned defective merchandise to the seller } & 20,000 \
\text { Aug. 15 } & \text { Paid for goods purchased on August 5 } & \text { ? }
\end{array}$$ Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations.

Quizplus · Accepted Answer

The Answer of A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019:
 $$\begin{array} { l l l } 
\text { Date } & \text { Trancection } & \text { Amount } \
\hline \text { Aug. 5 } & \text { Purchased inventory on account } & \$ 300,000 \
\text { Aug. 9 } & \text { Paid for transportation of goods purchased } & 25,000 \
\text { Aug. 10 } & \text { Returned defective merchandise to the seller } & 20,000 \
\text { Aug. 15 } & \text { Paid for goods purchased on August 5 } & \text { ? }
\end{array}$$ Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations.

A Merchandiser, Following the Perpetual Inventory System, Has the Following