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B. Lee Furniture Company engaged in the following transactions in August 2010: Aud.4 purchased merchandise on account at a cost of USD 140,000. terms 2/10,

B. Lee Furniture Company engaged in the following transactions in August 2010:

Aud.4 purchased merchandise on account at a cost of USD 140,000. terms 2/10, n/30,FOB shipping point, freight collect.

6 paid freight of USD 2,000 on the purchase of August 4.

10 sold goods for USD 100,000, terms 2/10, n/30.

12 returned USD 24,000 of the merchandise purchased on aug. 4

14 paid the amount due on the purchase of aug. 4

Prepare journal entries for the transactions.

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