1 Smith Co has the following transactions: (a) Purchase of goods on credit from T Rader: $450 (b) Return of goods purchased on credit last month to T Rouble: $700 What are the correct ledger entries to record these transactions? DEBIT Purchases $450 DEBIT Purchase Returns $700 CREDIT Cash $450 CREDIT Trade Payables $700 DEBIT Purchases $450 DEBIT Trade Payables $700 CREDIT Purchase Returns $1,150 DEBIT Purchases $450 DEBIT Trade Payables $250 CREDIT Purchase Returns $700 DEBIT Purchase Returns $700 DEBIT Purchases $450 CREDIT Trade Payables $1,150 (2 marks)