Entries for Purchase Transactions The Schubert Company is a Swiss wholesaler of office supplies. Its unit of currency is the Swiss franc (CHF). Schubert uses a periodic inventory system. Prepare journal entries for the following summa- rized transactions (omit explanations): Aug. 2 Aug. 3 Aug. 7 Aug. 11 Purchased merchandise on account, CHF 350,000, terms 2/10, n/45. Paid cash for freight in, CHF 15,000. Schubert complained about some defects in the merchandise acquired on August 2. The supplier hand-delivered a credit memo granting an allowance of CHF 30,000. Cash disbursement to settle purchase of August 2.