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6-1B -Inventory Purchases and Returns The following transactions occurred for Chang Inc: August 28 Purchased $5,000 of inventory on account. Terms 3/15, n/30. September 3

6-1B -Inventory Purchases and Returns The following transactions occurred for Chang Inc: August 28 Purchased $5,000 of inventory on account. Terms 3/15, n/30. September 3 Returned $400 of merchandise (not satisfied with the quality). September 10 Paid the bill. Chang Inc. uses a perpetual inventory system. Required: Prepare journal entries based on the transactions above

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