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Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $25,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Poff's returned $3,800 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Poff's Co. 's entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Poff's Co.'s entry to record the merchandise return. If an amount box does not require an entry, leave it blank. b. A return reduces Merchandise Inventory and Accounts Payable in the purchaser's records. c. Journalize Poff's Co.'s entry to record the payment. If an amount box does not require an entry, leave it blank. Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,500 with terms 1/10,n/30. The cost of the merchandise sold was $12,300. If an amount box does not require an entry, leave it blank. Feedback rcrock wy work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Feedback renock my wore (b) Consider the accounts that need to be debited and credited when a customer pays on their account. c. Issued a $950 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank