the current year Merchandising Operations 290 CHAPTERS Accounting for t of $35,000, terms 2/10, n/30, o Tansactions folow for Leeland Company during October and November of Record inventory PS-3B account from Gregory Company at a cost of $35,000, te ing the merchandi Fog uses a perpetual inventory system system. (LO2, 3) AP Oct 2 Purchased merchandise on Pur. ecamet ampanypuid fright charges of $900 to Rail Company for shipping t destination. of $6,000 Company. Received a chased on October 2 Paid Gregory Company the balance owing for the October 2 purchase. Sold the remaining merchandise purchased from Gregory Company to Kurii terms 2710. n/0 OB shipping poiat. 3 Returmel damagend goods having a gross invoice cost of $6,000 to Gregory Com for this. 17 $00 freight costs for t 18 The correct company paid Inter allowance of $2,500 because some of the goods did not meet t's exac 19Cmpany a sales alowran Issued Kuri Company 19 specifications 27 Received the balance owing from Kurji Company for the October 17 sale. Nox. 1 Purchased merchandise on account from Romeo Company at a cost of $60,000, terms 1V shipping point 2 The correct company paid freight charges of $4,000 5 Sald the merchandise purchased from Romeo Company to Bear Company for $110,500, term 500, terms 2/10 n/30, FOB destination. 6 The correct company paid freight charges of $2,600. 7 Issued Bear Company a credit of $7,000 for returned goods. These goods had cost Leel were returned to inventory 29 Received a cheque from Bear Company for the balance owing on the November 5 sale. 30 Paid Romeo Company the amount owing on the November 1 purchase. $4,050 and Instructions Prepare journal entries to record the above transactions for Leeland Company