Bushnell Company (buyer) and Schiff, Inc. (seller), engaged in the following transactions during February 20X1:

Bushnell Company

Schiff, Inc.

Both companies use the perpetual inventory system. Journalize the transactions above in a  general journal for both Bushnell Company and Schiff, Inc. Use 20 as the journal page for both  companies.

Transcribed Image Text:

DATE 20X1 Feb. 10 13 19 TRANSACTIONS Purchased merchandise for $5,500 from Schiff, Inc., Invoice 1980, terms 1/10, n/30. Received Credit Memorandum 230 from Schiff, Inc., for damaged merchandise totaling $600 that was returned; the goods were purchased on Invoice 1980, dated February 10. Paid amount due to Schiff, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.