Problem #$1$

Using the perpetual inventory system, journalize the entries for the following transactions:

a$)$ Sold merchandise on account for $$12,000,$ terms $\frac{1}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$6,500.$

b$)$ Purchased merchandise on account for $$8,500,$ credit terms $\frac{1}{15},$ n $45,$ FOB destination. The appropriate company paid

the Freight costs of $$500.$

c$)$ Within the discount period, the customer in a$)$ returned merchandise which was sold for $$1,000$ and that we had

purchased for $$780.$

d$)$ Paid for the Inventory purchased in b$)$ within the discount period.

e$)$ What if the payment for the purchase in b$)$ was not made until after the discount period. Jounalize this entry.

$($a$)$