Module 5 Checkpoint #1 Name Scooby Doo Company had the following transactions related to the purchase of merchandise inventory during August: 3 Purchased merchandise costing $9,000 on account from Velma Company, terms 2/15, n/30, FOB Destination. Velma Company paid $400 of shipping charges to Worldwide Shipping Co. 4 Based on a competitor's lower price, Velma Company agreed to reduce the purchase cost of the merchandise purchased by Scooby Doo on August 3 by $700. 12 Purchased merchandise costing $6,200 on account from Shaggy Company, terms 1/10, n/30, FOB Shipping Point. Scooby Doo paid $200 of shipping charges to Worldwide Shipping Co. 14 Returned merchandise costing $800 to Shaggy Company for credit. 18 Paid the amount due to Velma Company. 22 Paid Shaggy Company the amount due. Scooby Doo Company maintains an accounts payable subsidiary ledger. REQUIRED: A. Give the general journal entries required to record the August transactions, assuming that Scooby Doo uses the perpetual inventory method. What is the cost of goods purchased for August? C. What would change if Scooby Doo did not pay Velma Company the amount due until August 31? B. 2 Module 5 Checkpoint #1 23 GENERAL JOURNAL DR CR Date Account Titles 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 44 45 45