ACC 3010 CHAPTER 5: MERCHANDISING CONCERNS For each of the transactions below prepare the journal entries necessary to record the event on the books of both the BUYER and the SELLER. Both companies use the PERPETUAL inventory system. April 3 April 6 April 7 April 12 April 13 April 14 April 23 Purchased $1,500 of merchandise on credit, terms n/15 (cost $1,200) Returned $300 of the goods purchased on April 3 (cost $240) Paid freight charges of $150 on goods purchased on April 3 Paid for the goods purchased on April 3 Sold goods on credit for $1,000, terms n/30 (cost $800) The customer of April 13 returned $200 of the goods (cost $160) Received payment from the customer of April 13 BUYER SELLER DATE DEBIT ACCOUNT CREDIT ACCOUNT DEBIT CREDIT 200 530c 2400 200 ca