Books-Perpetual System Journal Entries for Merchandise Transactions on Seller's and Buyer's The following transactions occurred between the Decker Company and Mann Stores, Inc., during March 5-1A. Decker sold $14,000 worth of merchandise ($9,600 cost) to Mann Stores with terms of 2/10, n/30. Mar. 8 10 Mann Stores paid freight charges on the shipment from Decker Company, $500. 12 Mann Stores returned $2,000 of the merchandise ($1,600 cost) shipped on March 8 17 Decker received full payment for the net amount due from the March 8 sale 20 Mann Stores returned goods that had been billed originally at $800 ($600 cost). Decker issued a check for $784 Required Prepare the necessary journal entries for (a) the books of Decker Company and (b) the books of Mann Stores, Inc. Assume that both companies use the perpetual inventory system. Journal Entries for Merchandise Transactions-Perpetual System Rockford Corporation, which began business on August 1, sells on terms of 2/10, /30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The peryersal inventory system is used. P5-2A. Purchased merchandise from Norris, Inc., 34,000, terms 2/10, n/30 5, Paid freight on shipment from Norris, Inc., $220 7 Sold merchandise to Denton Corporation, $5,500 ($4,100 cost) 7 Paid $300 freight on August 7 shipment and billed Denton for the charges. 9 Returned $800 worth of the merchandise purchased August 1 from Norris, Inc., because Aug. 1 it was defective. Norris approved the returrn. 9 Received $750 of returned merchandise (S500 cost) from Denton Corporation. Rockford approved the return. 10 Paid Norris, Inc., the amount due. 14 Purchased from Chambers, Inc., goods with a price of $9,000. Terms 1/10, n/30. 15 Paid freight on shipment from Chambers, Inc., $320 17 Received the amount due from Denton Corporation. 18 Sold merchandise to Weber, Inc., $9,600 (S6,600 cost) 20 Paid $350 freight on August 18 shipment and billed Weber for the charges. 24 Paid Chambers, Inc., the amount due 28 Received the amount due from Weber, Inc. Required Prepare journal entries for these transactions for Rockford Corporation