Journal Entries for Purchase, Return, and Remittance-Perpetual System On May 15, the Monique Company purchased $40,000 of merchandise from the Terrell Company, with terms of 1/10, n/30. On May 17, Monique paid $310 to Swift Trucking Company for freight on the shipment. On May 20, Monique Company returned $800 of merchandise for credit. Final payment was made to Terrell on May 24. Monique Company records purchases using the perpetual inventory system Required Prepare the journal entries that Monique Company should make on May 15,17, 20 and 24. General Journal Date Description Debit Credit May 15 Purchase of merchandise from Terrell Company terms 1/10, n/30. 17 Paid freight on May 15 purchase. 20 Returned merchandise to Terrell Company. 24 Cash Paid amount due to Terrell Company