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Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred...

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Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of Januar Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Jan. 1 8 Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. Jan. 1 (Purchased inventory on credit) Jan. 8 (Returned merchandise) Jan. 10 Jan. 1 (Record sale to customer) Jan. 1 (Recorded cost of merchandise sold) Jan. 8 (Recorded return of merchandise) Jan. 8 Recorded cost of merchandise returned) Jan. 10 (Recorded receipt within discount period) Jan. 30

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