Journalize the Following Transactions Assuming a Perpetual Inventory System:
May

question 74

Essay

Journalize the following transactions 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. $$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Description } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

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Definitions:

Disturbing the Peace

A criminal offense involving acts that disrupt the public order, such as excessive noise or violent behavior in a public place.

Convicted

Found guilty of a crime following a trial or through a guilty plea in a court of law.

Felony

A serious crime, typically one involving violence, regarded more severely than a misdemeanor, and usually punishable by imprisonment for more than one year or by death.

Misdemeanor

A criminal offense that is less severe than a felony, typically punishable by fines or incarceration for less than one year.