journal entries, for the listed transactions, first for the purchase transactions and then for the sales transactions. After journalizing, post the transactions, complete the trial balance, and the financial statements. 3-Jun 4-Jun 13-Jun 6-Jun 10-Jun 14-Jun 16-Jun 26-Jun S&V Office Supply Company, Inc. Purchase Transactions 2014 Purchased merchandise on account, terms 2/10, n/30, FOB shipping point, $12,000 Paid transportation charges on purchase of June 3, $300 Paid for merchandise purchased on June 3, less discount. S&V Office Supply Company, Inc. Sales Transactions 2014 Sold merchandise on account, terms 2/10, n/30, FOB shipping point, $9,000. The cost of the merchandise sold was $6,000. Sold merchandise for cash, $22,400. The cost of the merchandise sold was $14.900 Received merchandise returned on sale of June 6, $1,500. The cost of the merchandise returned was $1,000 Received cash from sale of June 6, less return of June 14 and discount. Refunded cash on sales made for cash, $960. The cost of the merchandise returned was $620. Questions: a. In the discount terms above-"2/10,n/30", what does the 2 represent? b. Why is it necessary to use two different journal entries to record the one on June 6th?

Journal entries, for the listed transactions, first for the purchase transactions and then for the sales transactlons. After journalizing, post the transactions, complete the trial balance, and the financial statements. Questions: a. In the discount terms above- 2/10,n/30, What does the 2 represent? b. Why is it necessary to use two different journal entries to record the one