prepaew journal entry

4 8 Prepare general journal entries to record the following transactions for ABC company. Assume a perpetual inventory system. March Purchased merchandise for $6,500 from Sooner Company with terms 1/15, n/45. 6 Returned goods costing $2,000 to Sooner Company for full credit. Sold merchandise to Broncho Company on credit for $5,000, terms 2/15, n/30. The items sold had a cost of $2,300 9 Purchased goods from Cowboy Corporation for $3,000 with terms 3/10, n/30. 10 Paid $90 shipping charges related to the March 4 purchase from Sooner. Broncho Company returned merchandise that had a selling price of $800 and had cost ABC Company $300. 11 The merchandise was restored to inventory. 12 ABC Company received the balance due from Broncho Company for the March 8 sale. 15 Paid the balance owed to Sooner. Paid Cowboy Corporation the balance due. 30