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Prepare the journal entries to record transactions

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Reference no: EM132714267

Question - Information related to Skysong, Inc. is presented below.

1. On April 5, purchased merchandise on account from Riverbed Company for $27,500, terms 2/10, net/30, FOB shipping point.

2. On April 6, paid freight costs of $800 on merchandise purchased from Riverbed.

3. On April 7, purchased equipment on account for $30,400.

4. On April 8, returned $3,300 of merchandise to Riverbed Company.

5. On April 15, paid the amount due to Riverbed Company in full.

Required - Prepare the journal entries to record these transactions on the books of Skysong, Inc. under a perpetual inventory system.

Reference no: EM132714267

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