May 21: Purchased merchandise on account from Osterman Co., Lens 1/10, n/30, FOB destination, $88,000. Description Merchandise Inventory Accounts Payable-Osterman Co. Post. Debit Credit Ref. 87,120 87,120 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Description Accounts Payable-Osterman Co. Merchandise Inventory Credit Post. Debit Ref. 5,000 X 5,000 X