On October 10,201X, Jack Co. issued debit memorandum no. 1 for $460 to Line Co. for merchandise returned from invoice no. 312 . The merchandise was purchased on account. Your task is to journaliz ecord, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting refe Record the transaction to the subsidiary ledger account and post to the general ledger accounts. problem.) General Ledger Accounts Payable Accounts Receivable Merchandise Inventory Purchases Returns and Allowances On October 10,201X, Jack Co. issued debit memorandum no. 1 for $460 to Line Co. for merchandise returned from invoice no. 312 . The merchandise was purchased on account. Your task is to journaliz ecord, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting refe Record the transaction to the subsidiary ledger account and post to the general ledger accounts. problem.) General Ledger Accounts Payable Accounts Receivable Merchandise Inventory Purchases Returns and Allowances