Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 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 Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond Jan. 1 (Purchased inventory on credit) Jan. 8 (Returned merchandise) Jan. 10 (Recorded payment within discount period) Jan. 30 (Recorded payment outside of discount period) Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 (Record sale to customer) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 8 (Recorded cost of merchandise returned) Jan. 10 (Recorded receipt within discount period) Jan. 30 (Recorded receipt outside of discount period)