Brief Exercise 6-34 ording Purchase and Sales Transactions 8 ymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geesiin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geesiin. The cost of the merchandise returned was $375. Raymond paid invoices totaling $3,000 to Geesin for the merchandise purchased on January 1. Raymond paid Geeslin the balance due. Required: Fola compound transaction, if an amount box does not require an entry, leave it blank. 10 30 Prepare the journal entries to record these transactions on the books of Raymond Jan. 1 Cash Inventory (Purchased inventory on credit) Jan. 8 o (Returned merchandise)