43 % 3:48 PM Fri Jun 14 mybusinesscourse.com E Menu BusinessCourse Brianne Skidmore My Subscriptions Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used. Purchased merchandise from Norris, Inc., $3,600, terms 2/10, n/30. Aug. 1 5 Paid freight on shipment from Norris, Inc., $180. 7 Sold merchandise to Denton Corporation, $5,000 ($3,600 cost). Paid $360 freight on August 7 shipment and billed Denton for the charges. 7 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because it 9 was defective. Norris approved the return. Received $1,000 of returned merchandise ($800 cost) from Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. Purchased from Chambers, Inc., goods with a price of $10,000. Terms 1/10, n/30. 14 15 Paid freight on shipment from Chambers, Inc, $300. 17 Received the amount due from Denton Corporation. 18 Sold merchandise to Weber, Inc., $9,800 ($6,800 cost). 20 Paid $340 freight on August 18 shipment and billed Weber for the charges. 24 Paid Chambers, Inc., the amount due. 28 Received the amount due from Weber, Inc. Required Prepare journal entries for these transactions for Rockford Corporation. Round your answers to the nearest dollar GENERAL JOURNAL Description Debit Credit Date Aug Inventory 3,600 Accounts Payable 3,600 Purchases from Norris, Inc., 2/10, n/30. 5 Inventory 180 Cpdns 43 % 3:48 PM Fri Jun 14 a mybusinesscourse.com BusinessCourse E Menu Brianne Skid more My Subscriptions Cash 180 Paid freight on Norris, Inc., shipment. 5,000 7 Accounts Receivable Sales Revenue 5,000 Sales to Denton Corporation Cost of Goods Sold 7 3,600 3,600 Inventory Cost of goods sold to Denton Corporation. 7 Accounts Receivable 360 Cash 360 Paid freight on shipment to Denton Corporation and billed Denton. 9 Accounts Payable Inventory Returned goods to Norris, Inc. Sales Returns and Allowances 9 Accounts Receivable Issued credit memo to Denton for goods returned. 9 Inventory Cpdns