The following information was presented by the bookkeeper for King's Arboretum Supplies for the month of August $2018.$

Aug $2$ Purchased $$105,500$ of inventory on account, terms $2/10,$ net $30$

Aug $3$ Paid $$490$ cash for freight bill for transportation of inventory purchased

Aug $4$ Sold $$79,400$ of products to Mudder Waters on account, terms $2/10,$ net $30$; cost of goods sold $$31,760.$

Aug $6$ Paid for inventory bought on Aug $2,$ less $$2,110$ discount.

Aug $7$ One of King's clients, Water's Inc., returned $$1,090$ of goods purchased on account. The cost of goods sold for returned inventory is $$654.$

Required

Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

Do not enter dollar signs or commas in the input boxes.

For transactions that have $2$ debits or $2$ credits, enter the accounts in alphabetical order.

Date Account Title and Explanation Debit Credit

Aug $2$ Answer

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Purchase inventory on account

Aug $3$ Answer

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Paid freight bill

Aug $4$ Answer

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Record sales on account

Aug $4$ Answer

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Record cost of goods sold for above sale

Aug $6$ Answer

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Paid for merchandise less return and discount

Aug $7$ Answer

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Customer returned goods

Aug $7$ Answer

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Record cost of goods sold for above return