Chapter 5 Graded Practice Exercises Navigation Finish attempt ... eBook Prin Question 2 Not complete Marked out of 4.00 P Flag question Accounting for Purchase Transactions Debra Company began operations on June 1. The following transactions took place in June: a. Purchases of merchandise on account were $480,000. b. The cost of freight to receive the inventory was $16,000. This was paid in cash. c. Debra returned $8,000 of the merchandise due to an ordering error. Debra received a full credit for the return. d. Debra paid the remaining balance for the merchandise. General Journal Ref. Description Debit Credit