Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June:

June	1	Purchased on account merchandise for resale for $11,000; terms were 2/10, n/30.
	3	Paid $650 cash for freight on the June 1 purchase.
	7	Returned merchandise costing $800 (part of the $11,000 purchase).
	10	Paid for merchandise purchased on June 1.
	13	Sold merchandise on account costing $10,000 for $13,000; terms were 2/10, n/30.
	16	Customer returned merchandise costing $950 that had been sold on account for $1,100 (part of the $13,000 sale).
	22	Received payment from customer for merchandise sold on June 13

Question 3 Not complete Marked out of 58.00 P Flag question Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions rela June 1 Purchased on account merchandise for resale for $11,000, terms were 2/10, 130. 3 Paid $650 cash for freight on the June 1 purchase. 7 Returned merchandise costing 5800 (part of the $11,000 purchase). 10 Paid for merchandise purchased on June 1 13 Sold merchandise on account costing $10,000 for $13,000, terms were 2/10, 1/30 16 Customer returned merchandise costing $950 that had been sold on account for $1,100 (part of the $13,000 sale 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Date Description Debit June 1 Inventory Credit 11,000 5 Accounts Payable Purchased merchandise with 210/30 terms 11,000 3 Inventory 650 Paid freight on June 1 purchase 7 Accounts Payable Intentory Returned merchandise from June 1 purcha 10 Accounts Payable Inventory 8. Cash Paid for merchandise purchased on June 1 within the discount period 13 Accounts Receivable 13,000 To record revenue from of merchande 13,000 Type here to search Credit Debit 11,000 $ 11,000 JENERAL JOURNAL Description Inventory Accounts Payable Purchased merchandise with 2/10,n/30 terms. Inventory Cash Paid freight on June 1 purchase. Accounts Payable Inventory Returned merchandise from June 1 purchase. 10 Accounts Payable Inventory 8 OOO Cash 13,000 Paid for merchandise purchased on June 1 within the discount period. 13 Accounts Receivable Sales Revenue To record revenue from sale of merchandise 13 Cash Inventory To record cost of merchandise sold and to reduce inventory To record sales return by customer oooooo ooooooo To record cost of goods returned by customers Type here to search