Buying merchandise Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. No descriptions required. June 2 Purchased merchandise from Kalmer Company under the following terms: $7,800 price, invoice dated June 2, credit terms of 3/15, n/60, and FOB shipping point. June 3 Paid $330 for shipping charges on the June 2 purchase. June 4 Returned to Kalmer Company unacceptable merchandise that had an invoice price of $800. June 17 Sent a check to Kalmer Company for the June 2 purchase, net of the discount and the returned merchandise. Date Accounts Debits Credits