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(2 points each total of 12 points) Record the following transactions for Gadget World using the general journal form provided below. Assume Gadget World uses

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(2 points each total of 12 points) Record the following transactions for Gadget World using the general journal form provided below. Assume Gadget World uses a perpetual inventory system. Omit descriptions from entries: transaction June 1 Purchased $6,000 of merchandise on account from Smith Company, terms 3/10, n/30. 3 Returned $2,000 of merchandise purchased on June 1. 7 Recorded cash sales for the first week of June, $9,750; cost of the merchandise was 10 Sold merchandise on account to a Sam Co. for $500, terms 1/10 net 30; cost of the 11 Paid for the merchandise purchased on June 1, less return dated June 3 $4,000. merchandise was $200 Received payment from sale of June 10 20 Credit Date Description Debit

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