Journalize the following transactions on the books of the purchaser and seller assuming they both use a perpetual inventory system.

Transactions:

10/2 - Costco, Inc. sold merchandise to MSK, Inc. for $470, terms 2/10, n/30 - FOB destination (inventory sold cost Costco $200).

10/2 - Appropriate party paid shipping cost of $30 to UPS to ship inventory to purchaser.

10/4 - MSK, Inc. returned $70 in inventory to Costco. The inventory was not defective and Costco will resale it to another customer (Costco, Inc.s original cost for the returned merchandise was $50.)

10/12 - MSK, Inc. took advantage of the discount and remitted the amount owed to Costco.

Journalizing Using a Perpetual Inventory System Directions: Journalize the following transactions on the books of the purchaser ahd seller assuming they both use a perpetual inventory system. Transactions: . 10/2- Costco, Inc. sold merchandise to M SK, Inc. for $470, terms 2/10, n/30 FOB destination (inventory sold cost Costco $200). 10/2-Appropriate party paid shipping cost of $30 to UPS to ship inventory to purchaser. . 10/4 -MSK, Inc. returned $70 in inventory to Costco. The inventory was not defective and Costco will resale it to another customer (Costco, Inc's original cost for the returned merchandise was $50.) . 10/12 - MSK, Inc. took advantage of the discount and remitted the amount owed to Costco. bers File Edit Insert Table Organize Format Arrange View Share Window Help perpetualJE ViewZoom Insert Table Chart Shape Media Comment Collaborate JE MSK, Inc. - Buyer General Journal Page J4 Costco, Inc. Seller General Journal Page J2 Account NameRet Debit Credit 10/2 10/2 10/2 10V2 10/4 10/4 10/12 10/12