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Prepare the necessary journal entries on the books of Teal Mountain Company to record the following transactions, assuming a perpetual inventory system: (a) Teal purchased

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Prepare the necessary journal entries on the books of Teal Mountain Company to record the following transactions, assuming a perpetual inventory system: (a) Teal purchased $56,840 of merchandise on account, terms 2/10,n/30. (b) Returned $4,640 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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