DR: CR: 5 5 Example JE: JE # Description: Ex: The owner withdrew $500 on June 1. Withdrawals Cash 500 3 500 . Prepare journal entries using the perpetual method. 1 On June 3, purchase merchandise for $2,500 on credit with terms 3/10, n/30. DR: CR: Merchandise Inventory 2,500 Accounts Payable 2,500 3 4. 5 5 2 On June 5, sell $10,500 of merchandise on credit (with a cost of $5,250), terms 3/15, n/60. 3 3 3 On June 6, return $1,000 of merchandise purchased on June 3 because it was the wrong color. 7 5 5 - 3 On June 7, a customer returned part of the merchandise sold on June 5 because it was the wrong 4 size. The selling price of the returned items was $700, with a cost of $350. 2 3 1 5 5 On June 12, pay for merchandise purchased on June 3. 3 6 On June 17, received payment in full from customer that purchased merchandise on June 5, 2 2. 3 4 5 5 Prepare journal entries using the periodic method. 1 On June 3, purchase merchandise for $2,500 on credit with terms 3/10, n/30. DR: CR: Purchases 2,500 Accounts Payable 2,500 8 2 On June 5, sell $10,500 of merchandise on credit (with a cost of $5,250), terms 3/15, n/60. 3 4 5 5 B 3 On June 6, return $1,000 of merchandise purchased on June 3 because it was the wrong color. . 2 3 4 On June 7, a customer returned part of the merchandise sold on June 5 because it was the wrong siz 5 5 3 2 5 On June 12, pay for merchandise purchased on June 3. 2 3