8 . Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, 1/30. The cost of the merchandise was $3,750. Assume that Geesiin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geesiin. The cost of the merchandise returned was $375. Raymond paid invoices totaling $3,000 to Geesiin for the merchandise purchased on January 1. 30 Raymond paid Gees in the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. 10 Jan. 1 (Purchased inventory on credit) Jan. 8 o (Returned merchandise) Jan. 10 I III (Recorded payment within discount period) Jan. 30 Jan. 30 (Recorded payment outside of discount period) Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 (Record sale to customer) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 8 I (Recorded cost of merchandise returned) Jan. 10 Check My Work 3 more Check My Work uses remaining