On May 15, Monique Company purchased $40,000 of merchandise from the Terrell Company, with terms of 1/10, n/30. On May 17, Monique paid $310 to Swift Trucking Company for freight on the shipment. On May 20, Monique Company returned $800 of merchandise for credit. Final payment was made to Terrell on May 24. Monique Company records purchases using the perpetual inventory system.
Required: Prepare the journal entries that Monique Company should make on May 15, 17, 20, and 24.
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On May 15, Monique Company purchased $40,000 of merchandise from the Terrell Company, with terms of...
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