Journalize the Following Transactions Assuming a Perpetual Inventory System:May 5Purchased

Essay

Journalize the following transactions assuming a perpetual inventory system:May 5Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.Prepaid freight costs of $100 were added to the invoice.12Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.14Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount.?? $$\textbf { Journal } \\\begin{array} { | c | c | c | c | c | } \hline \textbf { Date } & \textbf { Description } & \begin{array} { c } \textbf { Post. } \\\textbf { Ref. }\end{array} & \textbf { Debit } & \textbf { Credit } \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline & & & & \\\hline\end{array}$$