Finish attempt ... 8 eBook Print Question 3 Not yet answered Marked out of 110.00 P Flag question 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. Aug. 1 Purchased merchandise from Norris, Inc., $4,000, terms 2/10,n/30. 5 Paid freight on shipment from Norris, Inc., $220. 7 Sold merchandise ta Denton Corporation, $5,500 ($4,100 cost). 7 Paid $300 freight on August 7 shioment and billed Denton for the charges. 9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc, because it was defective. Norris approved the return. 9 Received $750 of returned merchandise ($500 cusu frum Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. 14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, 1/30. 15 Paid freight an Shipment from Chambers, Inc., $320. 17 Received the amount due from Denton Corporation, 18 Sold merchandise to Weber, Inc., $9,500 ($6,600 cost). 20 Paid $350 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, GENED ALOUDNA GENERAL JOURNAL Description Date Debit Credit Aug. 1 Purchases from Norris, Inc., 2/10, n/30. Paid freight on Norris, Inc., shipment. Sales to Denton Corporation. Cost of goods sold to Denton Corporation. Paid freight on shipment to Denton Corporation and billed Denton. Returned goods to Norris, Inc. Issued credit memo to Denton for goods returned. Cost of goods returned by Denton Corporation. 10 Cash Paid Norris, Inc., the amount due. 14 Purchases from Chambers, Inc., 1/10, n/30. Paid freight on Chambers shipment. 17 Cash Received amount due from Denton Corporation. Sales to Weber, Inc. Cost of goods sold to Weber, Inc. Paid freight on shipment to Weber, Inc., and billed Weber. 24 Cash Paid Chambers, Inc., the amount due. 28 Cash Received amount due from Weber, Inc