and engaged in the following transactions during August of the current year More Info - Aug 3 Purchased office supplies for cash, $17.000 7 Purchased inventory on credit terms of 3/10, net eom, $84,000 8 Returned 25 percent of the inventory purchased on August 7 it was not the inventory ordered 10 Sold goods for cash, $27,000 (cost, $16,200) 13 Sold inventory on credit terms of 2/15. n/45 for $168.000 less a $16,800 quantity discount offered to customers who purchase in large quantities (cost, $100,800) 16 Paid the amount owed on account from the purchase of August 7 less the discount and the return 17 Received wrong-sized inventory as a sales return from August 13 sale, $12,400, which is the net amount after the quantity discount Cowan's cost of the inventory received was $7 440 18 Purchased inventory of $166,000 on account Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on August 18 28 Received cash in full settlement of the account from the customer who purchased inventory on August 13 31 Purchased inventory for cash $94,000, less a quantity discount of S9,400, plus freight charges of $2,400 Print Done then click Check Answer. Requirement 1. Journalize the transactions on the books of Cowan Distributing Company August 3. Purchased office supplies for cash, $17,000. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Aug