Journal Entries for Purchase, Return, and Remittance-Perpetual System

On May 15, the Monique Company purchased $41,000 of merchandise from the Terrell Company, with terms of 1/10, n/30. On May 17, Monique paid $420 to Swift Trucking Company for freight on the shipment. On May 20, Monique Company returned $1,600 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	Answer	Answer	Answer
		Answer	Answer	Answer
		Purchase of merchandise from Terrell Company terms 1/10, n/30.
	17	Answer	Answer	Answer
		Answer	Answer	Answer
		Paid freight on May 15 purchase.
	20	Answer	Answer	Answer
		Answer	Answer	Answer
		Returned merchandise to Terrell Company.
	24	Answer	Answer	Answer
		Answer	Answer	Answer
		Cash	Answer	Answer
		Paid amount due to Terrell Company.