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Skating Rink Company uses the perpetual inventory system and had the following transactions during May: May 5: Purchased $5,500 of inventory. The seller's credit terms

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Skating Rink Company uses the perpetual inventory system and had the following transactions during May: May 5: Purchased $5,500 of inventory. The seller's credit terms are 2/15, n/60. May 9: Returned $350 worth of defective units and received full credit. May 20: Paid the amount due, less the returned items. Prepare complete journal entries to record each of the preceding transactions

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