Question: Under a perpetual inventory system, record the journal entries for the purchase transactions below. Omit explanations. July 5: Soho Company purchased merchandise on account from

Under a perpetual inventory system, record the journal entries for the purchase transactions below. Omit explanations. July 5: Soho Company purchased merchandise on account from a supplier for $5,700, terms FOB destination, 2/10, net 30. July 10: $700 of the merchandise purchase on July 5 was returned. July 15: Paid for the merchandise purchased on July 5, within the discount period. July 25: Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Aug. 9: Paid for the merchandise purchased on July 25, within the discount period. ?

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