Journal Entries For Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June: June 1Purchased on account merchandise for resale for $10.000; terms were 2/10, 1/30 3 Paid 5550 cash for freight on the June 1 purchase 7 Returned merchandise costing 5600 (part of the 510.000 purchase 10 Paid for merchange purchased on June 1 13 Sold merchandise on account costing 58.000 for $10.000 terms were 2/10, 1/30 16 Customer returned merchandise costing 5750 that had been sold on account for 11.000 part of the $10.000 sale 22 Received payment from customer for merchandise sold on june 131 Required ng Company Prepare journal entries for each of the transactions for the Cushing Distributing Company. GENERAL JOURNAL Date Description Debit Credit June Purchased merchandise with 2/10, n/30 terms. Paid freight on June 1 purchase. Returned merchandise from June 1 purchase. Cash Paid for merchandise purchased on June 1 within the discount period. To record cost of merchandise sold and to reduce Inventory. To record sales return by customer. To record cost of goods returned by customers. 22 Cash To record receipt of cash from customer within the discount period. Check