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Journalize the following transactions for the buyer, Wright Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. August 9

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Journalize the following transactions for the buyer, Wright Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. August 9 Purchased merchandise from Peterson Company on account, exist5,000, terms 5/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, exist290. August 15 Returned to Peterson Company merchandise previously purchased on account, exist200. August 20. Paid the amount due to Peterson Company

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