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Prepare journal entries to record purchase transactions

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Problem - Prepare the journal entries to record the following purchase transactions in Sunland Company's books, Sunland uses a perpetual inventory system.

Jan. 2 Sunland purchased $20,200 of merchandise from Feng Company, terms n/30, FOB shipping point.

Jan. 4 The correct company paid freight costs of $285.

Jan. 6 Sunland returned $2,100 of the merchandise purchased on January 2 because it was not needed.

Feb. 1 Sunland paid the balance owing to Feng.

Reference no: EM133037190

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