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5. Journalize the following transactions for both Rise Co. and Bridge Co. Both companies use the perpetual inventory system. (20 points) Aug. 3: Rise


 

5. Journalize the following transactions for both Rise Co. and Bridge Co. Both companies use the perpetual inventory system. (20 points) Aug. 3: Rise Co. sold merchandise on account to Bridge Co., $8,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $4,000. 5: Bridge Co. paid $275 as freight charges on the purchase from Rise Co. 9: Bridge company returned merchandise, $2,150. The cost of the merchandise returned was $1,000. 11: Rise Co. received payment from Bridge Co. for purchase of August 3.

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