eBook 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, 1/30. The cost of the merchandise was $3,750. Assume that Gees in uses the net method to record sales discounts B Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. -30 Raymond pard Gees in the balance due. Requiredt 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 Inventory 5.000 Accounts Payable S.OOD (Purchased inventory on credit) 500 Jan Accounts Payable Inventory (Returned merchandise) 500 1000 Jan 10 Accounts Payable Previous Next Check My Work more Check My Work uses remain Save and all Subot Assignment for Grad All work caved Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 Inventory th (Record sale to customer) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 8 (Recorded cost of merchandise returned) Jan. 10 Dararded recoint within diccnnt narindy