Prepare journal entries to record the following merchandising transactions of Mason Company.
July. 

3 Purchased merchandise from OLB Corp. for \($15,000\) under credit terms of 1/10, n/30, FOB destination, invoice dated July 3.
10 Purchased merchandise from Rupert Corporation for \($14,200\) under credit terms of 1/10, n/45, FOB shipping point, invoice dated July 10. The invoice showed that at Mason’s request, Rupert paid the \($500\) shipping charges and added that amount to the bill. (Recall: Discounts are not applied to freight and shipping charges.)
14 After negotiations with Rupert Corporation concerning problems with the merchandise purchased on July 10, Mason received a credit memorandum from Rupert granting a price reduction of \($2,000.\)
20 Paid the amount due Rupert Corporation for the July 10 purchase less the price reduction granted.
31 Paid OLB Corp. the amount due from the July 3 purchase.