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anything helps !! 3) Reid Art Supply Company uses a perpetual inventory system. The company had the following transactions during August, 2012: Aug. 5 Reid

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3) Reid Art Supply Company uses a perpetual inventory system. The company had the following transactions during August, 2012: Aug. 5 Reid Company purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, 1/60 Aug. 9 Reid Company paid transportation costs of $440 for the Aug. 5 purchase. Aug. 10 Reid Company returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15 Reid Company paid for the merchandise purchased on Aug. 5. Please provide the journal entry on Aug. 5

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