b. Ashley Company engaged in the following transactions in August 20x1:

Aug. 4 Purchased merchandise on account at a cost of $ 14,000; terms 2/10, n/30, FOB shipping Point.

Aug. 6 Paid freight of $200 on the purchase of August 4.

Aug. 10 Sold goods for $10,000; terms 2/10, n/30. The cost of goods sold is $9,000.

Aug. 12 Returned to the vendor, $2,400 worth of the merchandise purchased on August 4.

Aug. 14 Paid the amount due on the purchase of August 4.

ACT300 Principles of Accounting I Module 4: Critical Thinking Template tion #2 [COMPANY NAME] Journal Entries Perpetual System Debit Date Account Name Periodic System Debit ust Credit Credit 12 14 Account Name Credit Cash Accounts receivable Supplie Accounts pa Capital stock Revenue Rent Total