Journalize the following transactions for Hadley Corporation using the perpetual inventory

system.

a. July 26 Purchased $,1500 of merchandise on account, terms 3/10, n/30

July 31 Returned $300 of merchandise

Aug 3 Paid Allen Corporation for the merchandise purchased on account July 26

b. Prepare the journal entry assuming Hadley paid Allen on Aug 10th.

1. Allen Corporation sold $1,500 of merchandise to Hadley Corporation on July 26 under the terms 3/10, n/30 a. State exactly what is meant by these terms in these circumstances b. If Hadley paid within the terms, how much would Hadley pay to Allen? 2. Journalize the following transactions for Hadley Corporation using the perpetual inventory system. a. July 26 Purchased $,1500 of merchandise on account, terms 3/10, 1/30 July 31 Returned $300 of merchandise Aug 3 Paid Allen Corporation for the merchandise purchased on account July 26 b. Prepare the journal entry assuming Hadley paid Allen on Aug 10, 1 Date Account Titles and Explanation P.R. Debit Credit 2 3 4 5 LON 6 7 8 9 BON 10 11 12 13 14 15 16 17 18 19 20