Journalize thesetransactions, first on the books of Atwater DrugStores, and second on the books of Cloutier Pharmaceuticals. Both companies use the perpetual inventory system.

This Question: 11 pts 13 of 35 (27 complete) This Test: 91 pts possible Question Help The following transactions occurred between Cloutier Pharmaceuticals and Atwater Drug Stores during August of the current year: i (Click the icon to view the transactions.) Required Journalize these transactions, first on the books of Atwater Drug Stores, and second on the books of Cloutier Pharmaceuticals. Both companies use the perpetual inventory system. First, let's prepare the entries for Atwater Drug Stores. August 8. Atwater purchased $43,000 of merchandise from Cloutier on credit terms of 2/10, n/30, FOB shipping point. Separately, Atwater paid freight in of $2,200. Cloutier invoiced Atwater for $43,000. These goods cost Cloutier $16,000. We will record each element of this transaction separately. Start with recording the purchase on account. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit i More Info X Aug Aug 8 Atwater purchased $43,000 of merchandise from Cloutier on credit terms of 2/10, n/30, FOB shipping point. Separately, Atwater paid freight-in of $2,200. Cloutier invoiced Atwater for $43,000. These goods cost Cloutier $16,000. 11 Atwater returned $4,600 of the merchandise purchased on August 8. Cloutier issued a Next, from the August 8" transaction, record the payment of the freight charges. credit memo for this amount and returned the goods, in excellent condition, to inventory (cost $1,950). Journal Entry 17 Atwater paid $17,000 of the invoice amount owed to Cloutier for the August 8 purchase. Date Accounts Debit Credit This payment included none of the freight charge. Atwater took the purchase discount on the partial payment. Aug 26 Atwater paid the remaining amount owed to Cloutier for the August 8 purchase. Print Done Choose from any list or enter any number in the input fields and then continue to the next