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Make the journal entries to record the transactions

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Question - The following are transactions for Chandler Fashions for the month of June.

June 2: Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB shipping point from Flower Manufacturing. The merchandise had a cost of $12,000.

June 7: Returned defective merchandise to Flower Manufacturing with invoice price of $4,000.

June 8: Paid the freight charges on the purchase from Flower Manufacturing in cash for $200.

June 9: Sold merchandise to Trendy Store on account for $10,000 with terms 2/15, n/60 FOB shipping point. Cost of the merchandise sold was $6,000.

June 10: Paid Flower Manufacturing the balance on account.

June 12: Granted sales allowance of $1,000 to Trendy Store for defective merchandise.

June 23: Collected balance owing from Trendy Store.

June 27: Purchased 500 items of inventory, terms 1/15, n/30, FOB destination from Sparkle Co. The merchandise had a cost $2,000.

June 30: Paid for the merchandise from Sparkle Co.

Required - Using a perpetual inventory system, make the journal entries to record the transactions.

Reference no: EM132539088

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