Janetto Distributing Company uses the perpetual inventory system. Janetto had the following transactions related to merchandise during the month of August: Aug. 10 Purchased on account merchandise for resale for $7,000; terms were 2/10, n/30. 12 Paid $520 cash for freight on the August 10 purchase. 16 Returned merchandise costing $600 (part of the $7,000 purchase). 19 Paid for merchandise purchased on August 10 22 Sold merchandise on account costing $4,000 for $4,600; terms were 2/10, n/30. 25 Customer returned merchandise costing $365 that had been sold on account for $400 (part of the $4,600 sale) 31 Received payment from customer for merchandise sold on August 22. Required Record each of the transactions related to purchaing and selling merchandise for the Janetto Distributing Company. GENERAL JOURNAL Date Description Debit Credit Aug 10 Purchased merchandise with 2/10, n/30 terms 12 Paid freight on August 10 purchase 16 Returned merchandise from August 10 purchase