Journal Entries for Merchandise TransactionsPerpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June:

Required

Prepare journal entries for each of the transactions for the Cushing Distributing Company.

June 1 Purchased on account merchandise for resale for E10.000; terms were 2 10. n 30. 3 Paid E550 cash for freight on the June 1 purchase. 7 Returned merchandise costing E600 part ofthe E10.000 pumhase.. 10 paid for merchandise purchased on une 1. 13 Sold merchandise on account Costing E8.000 for E10.000: terms were 2 10 n/30. 16 Customer returned memhandise costing E750 that had been sold on account for E1.000 Epart of the E10.000 sale. 22 Received payment from customer for merchandise sold on June 13