OBJECTIVE Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The follow- ing transactions occurred during the month of January: Jan. 1 Raymond purchased 55,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3.750. Assume that Geeslin uses the net method to record sales discounts and no returns are expected at the time of sale. 8 Raymond returned S500 of the merchandise to Geeslin. The cost of the merchandis 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. (Continued Required: Prepare the journal entries to record these transactions on the books of Raymond and Use the following information for Brief Exercises 6-35 and 6-36. Tyler Company has the following information related to purchases and sales of one of inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 20 units @ $5 Purchase 30 units @ $8 20 Sales 40 units @ $15 Purchase 25 units at $10 10