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Journalize the following transactions on the books of Veronica Company, assuming a perpetual inventory system:...

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Accounting

Journalize the following transactions on the books of Veronica Company, assuming a perpetual inventory system:
May 5 Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.
Prepaid freight costs of $100 were added to the invoice.
12 Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5.
14 Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount.If an amount box does not require an entry, leave it blank.
May 5
12
14
image

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