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