Ex $6$ Using the information from Exercise $5($b$),$ complete the Journal Entries needed to record the $5$ merchandise

inventory transactions. All sales and purchases are on account with credit terms of $\frac{n}{30}($no discounts offered$).$

Assume that all frieght costs on sales and purchases for the company are $-0-.$

What would the journal entry be if the purchase of merchandise on January $30$ had credit terms of $2/10,$ n$30$

and the freight terms were FOB shipping point with the Seller prepaying the freight charges of $$150$ and

adding them to the Invoice.