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Spencer's Farm Stand had the following purchase transactions for their business: A.) On August 1st, 2020, Spencer's Farm Stand purchased inventory of $5.000 on account

Spencer's Farm Stand had the following purchase transactions for their business: A.) On August 1st, 2020, Spencer's Farm Stand purchased inventory of $5.000 on account from Steele's Orchard, a wholesaler of fruit and vegetables. Terms were 2/10,n/30. B.) On August 2, 2020, Spencer's Farm Stand paid freight charges, $300 on the August 1 . 2020 purchase. c.) On August 5th 2020, Spencer's Farm Stand returned $500 of inventory to Steele's Orchard

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