Journalize the following transactions for the Smith Supply Company. Assume the company uses a perpetual inventory system.

a.Purchased $25,000 of merchandise on account, terms 2/10, n/30. FOB shipping point, shipping cost of $850 which Smith Supply Company paid to Fedex Directly.

b. Sold merchandise for $12,000 on account, credit terms 2/10, n30. The cost of goods sold was $8,500

.c. Sold merchandise for $1,532 and accepted VISA as the form of payment. The cost of goods sold was $995

.d. Paid for merchandise purchased on account within the discount period.

e. Accepted a return of sale from transaction c of $2,000. The cost of goods sold was $1,500. Merchandise is not damaged and fully saleable.f. Received payment within the discount for transaction c after the return.

Journalize the following transactions for the Smith Supply Company. Assume the company uses a perpetual inventory system. a. Purchased $25,000 of merchandise on account, terms 2/10, n/30. FOB shipping point, shipping cost of $850 which Smith Supply Company paid to Fedex Directly. b. Sold merchandise for $12,000 on account, credit terms 2/10, n30. The cost of goods sold was $8,500. c. Sold merchandise for $1,532 and accepted VISA as the form of payment. The cost of goods sold was $995. d. Paid for merchandise purchased on account within the discount period. e. Accepted a return of sale from transaction c of $2,000. The cost of goods sold was $1,500. Merchandise is not damaged and fully saleable. f. Received payment within the discount for transaction c after the return. Required: Journalize the above transactions. Assume Smith Supply Company uses a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Use the General Journal paper on the next page to prepare your responses. CHART OF ACCOUNTS Smith Supply Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 125 Notes Receivable EXPENSES 130 Inventory 511 Cost of Goods Sold 131 Estimated Returns Inventory 521 Credit Card Processing Fees 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable