Recording Purchase and Sales Transactions Raymond Company and Gees in company both use a perpetual Inventory system. The following transactions occurred during the month of January: Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, 1/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. 8 Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid involces totaling $3,000 to Geesiin for the merchandise purchased on January 1. 30 Raymond pald Geeslin the balance due Required: For a compound transaction, If an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. Jan. 1 (Purchased inventory on credit) Jan 8 (Returned merchandise) Jan. 10 (Recorded payment within discount period) Jan. 30 (Recorded payment outside of discount period) Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 (Record sale to customer) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 8 (Recorded cost of merchandise returned) Jan. 10 (Recorded receipt within discount period) Jan. 30 111 lll (Recorded receipt outside of discount period)