Blue Anchor Mercantile, a home dcor shop, completed the following merchandising transactions in the month of August.

Blue Anchor Mercantile, a home décor shop, completed the following merchandising transactions in the month of August. 

Aug. 1 Purchased pillows and other inventory from Goodman and Co. $1,280 (including freight), terms 2/10, n/30. 

6 Received $80 credit for pillows returned to Goodman and Co. 

9 Paid Goodman and Co. in full. 

20 Purchased towels from Savon Company $800, terms 1/15, n/30, FOB shipping point. 

21 Paid freight $40 for inventory purchased from Savon Company. 

25 Received an allowance of $100 for towels that were the incorrect color. 

30 Paid Savon Company in full. 

Instructions 

Journalize the transactions using a perpetual inventory system