Recording Purchase and Sales Transactions Raymond Company and Geeslin 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,n/30. The cost of the merchandise was $3,750. Assume that Geesin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geesin. The cost of the merchandise returned was $375, 10 Raymond paid invoices totaling $3,000 to Geesin for the merchandise purchased on January 1) 30 Raymond pold Geetlin the balance due Required: For a compound transaction, if an amount box does not require an entry, leave it blank 8 Prepare the journal entries to record these transactions on the books of Raymond. Jan 1 (Purchased Inventory on credit) Jan. (Returned merchandise) Jan 10 nl (Recorded payment within discount period) Previous Next a Jan. 30 (Recorded payment outside of discount period) Prepare the journal entries to record these transactions on the books of Geesiin, Jan 1 (Record sale to customer) Jan 1 (Recorded cost of merchandise sold) Jan (Recorded retum of merchandise) Jan (Recorded cost of merchandise returned) Jan 10 (Recorded receipt within discount period) ] (Recorded receipt within discount period) Jan. 30 39 (Recorded receipt outside of discount period) Check My Work 3 more Check My Work uses remaining. All Areal