Prepare journal entries to record each of the merchandising transactions assuming that the periodic...

Prepare journal entries to record each of the following purchases transactions of a merchandising company.

Show supporting calculations and assume a perpetual inventory system.

Mar. 5 Purchased 500 units of product at a cost of $5 per unit. Terms of the sale are 2y10, ny60; the invoice is dated March 5.

Mar. 7 Returned 50 defective units from the March 5 purchase and received full credit.

Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.

Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.

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