Slopes Sales Company had the following transactions during August $2020,$ the first month of the company$$s fiscal year. Assume the company had no inventory on hand prior to August $3.$

Slope Sales Company uses a perpetual inventory system.

Aug. $3$ Purchased inventory costing $$7,000$ on credit terms of $2/10,$ net eom. The goods were shipped FOB Slope$$s warehouse.

$9$ Returned $20$ percent of the inventory purchased on August $3.$ It was defective.

$12$ Sold goods for cash, $$6,000($cost$,$ $$3,000).$

$15$ Purchased inventory of $$15,400,$ less a $$400$ quantity discount. Credit terms were $2/15,$ n$/30.$ The goods were shipped FOB Shipping point.

$16$ Paid a $$1,200$ freight bill on the inventory purchased on August $15.$

$18$ Sold inventory for $$9,000$ on credit terms of $2/10,$ n$/30($cost$,$ $$4,500).$

$22$

Received merchandise returned from the customer from the August $18$ sale, $$2,000($cost$,$ $$1,000).$ Merchandise was the wrong size.

$24$ Paid supplier for goods purchased on August $15,$ less all returns and discounts.

$28$ Received cash in full settlement of the account from the customer who purchased inventory on August $18,$ less the return on August $22$ and less the discount.

$29$ Paid the amount owed on account from the purchase of August $3,$ less the August $9$ return.

Required:

Journalize the transactions and include any calculations in the journal entry explanations. Use the General Journal below to record the transactions. Add more rows if needed.

Date Account Name Debit Credit

Aug. $3$ Dr$.$

Cr$.$

Aug. $9$ Dr$.$

Cr$.$

Aug. $12$ Dr$.$

Cr$.$

Aug. $15$ Dr$.$

Cr$.$

Aug. $16$ Dr$.$

Cr$.$

Aug. $18$ Dr$.$

Cr$.$

Aug. $22$ Dr$.$

Cr$.$

Aug. $24$ Dr$.$

Cr$.$

Aug. $28$ Dr$.$

Cr$.$

Aug. $29$ Dr$.$

Cr$.$