CHAPTER S-ADDITIONAL HOMEWORK PERPETUAL INVENTORY TRANSACTIONS FERRELL Prepare the journal entries using the Perpetual Inventory Method for Annie Corporation, a merchandiser of pet supplies, who engaged in the following transactions: June 1 - Annie purchased $750 merchandise from Dakota Suppliers, terms 2/10, net 30. FOB shipping point. June 4- Annie purchased S1,400 merchandise from Jade Corporation, terms 2/10,net 30, FOB destination. The appropriate party paid the freight charges of $150. June 5-The appropriate party paid the $60 freight charge on the June 1 shipment. June 7- Annie sold merchandise on account to Boxster for $800, terms 2/10,n/30, FOB shipping point. Annie paid the freight of $45. The cost of the merchandise was S400. June 8- Annie returned $50 worth defective merchandise to Dakota for credit. June 9- Boxster returned $2000 merchandise for credit that we had previously sold to Boxster on June 7. June 10 - Annie paid Dakota the amount due. June 14- Annie purchased from Sadie's Supplies goods with a list price of $1,600. Annie was given a 25% trade discount, terms 2/10 net 30, FOB shipping point June 15 - The appropriate party paid the $60 freight on the Sadie shipment. June 17 - Annie received the amount due from Boxster. June 18 - Annie sold 100 bags of dog food at $22 each to Jasmine Corporation, terms, 3/10, net 30, FOB destination. The cost of the dog food was $12 each. The appropriate paid $60 cash directly to shipper. June 19- Annie paid Jade in full. June 20 - Annie complained about the quality of the merchandise to Sadie. Sadie issued Annie a $200 credit memorandum. The merchandise was purchased on the 14th June 24 - Annie paid Sadie in full. June 26 -Annie sold $1,500 merchandise to Clifford Crates, terms 1/10,net30, FOB shipping point. Annie paid the freight charges of $40. Cost of the merchandise sold was $650