Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of Janu Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10,n/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 the merchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geestin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Prepare the fournal antriae th In. If an amount box does not require an entry, leave it blank Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of Janu Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10,n/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 the merchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geestin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Prepare the fournal antriae th In. If an amount box does not require an entry, leave it blank