Record each of the following transactions using T accounts, assuming the perpetual inventory system is used:
Aug. 2 Purchased merchandise on credit from Vera Company, invoice dated August 1, terms n/10, FOB shipping point, $1,150.
3 Received bill from Strauss Shipping Company for transportation costs on August 2 shipment, invoice dated August 1, terms n/30, $105.
7 Returned damaged merchandise received from Vera on August 2 for credit, $180.
10 Paid in full the amount due to Vera for the purchase of August 2, part of which was returned on August 7.

  • CreatedMarch 26, 2014
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