Journalize the following transactions assuming a perpetual inventory system.:
| May 5 | Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30. |
| Prepaid freight costs of $100 were added to the invoice. | |
| May 12 | Issued a debit memo to Archie Co., for $2,500 of merchandise returned from purchase on May 5th. |
| May 14 | Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount. |
Darshita Changed status to publish February 17, 2020
| Date | Description | Debit | Credit |
| May-05 | Merchandise Inventory | 6000 | |
| Accounts Payable | 6000 | ||
| Merchandise Inventory | 100 | ||
| Accounts Payable | 100 | ||
| May-12 | Accounts Payable | 2500 | |
| Merchandise Inventory | 2500 | ||
| May-14 | Accounts Payable | 3600 | |
| Merchandise Inventory | 70 | ||
| Cash | 3530 |
Darshita Changed status to publish February 17, 2020
