Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010. Received payment for merchandise sold August 1. Aug 1 4 10 15 Received a credit memorandum from the seller for the return of defective 18 Paid freight charges of $200 for merchandise ordered last month. (FOB 23 Paid for the merchandise purchased August 4 less the portion that was 4 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a 31 Received payment merchandise purchased on August 4 for $600. shipping point) returned. 2 cost of $4,900. for merchandise sold on August 24. equired: Prepare the general journal entries to record these transactions Debit Credit OURNAL ENTRIES