Journalize the following transactions. Assume a perpetual inventory system. 201X Apr. 8 Purchased merchandise on account from

Question:

Journalize the following transactions. Assume a perpetual inventory system.
201X
Apr. 8
Purchased merchandise on account from Tustin Supplies, $12,000; terms 2/10, n/30.
15 Sold merchandise on account, $7,000; terms 4/10, n/30. The cost of merchandise was $5,500.
20 Received credit from Tustin Supplies for merchandise returned, $140.