A merchandiser, following the perpetual inventory system, has the following transactions during August, 2017:

Date Transaction Amount
Aug. 5 Purchased inventory on account $ 300,000
Aug. 9 Paid for transportation of goods purchased 25,000
Aug

10 Returned defective merchandise to the seller 20,000
Aug. 15 Paid for goods purchased on August 5 ?

Credit terms of invoice are 2/15, n/45. Give journal entries for the above transactions.
What will be an ideal response

Date Accounts and Explanation Debit Credit
Aug. 5 Merchandise Inventory 300,000
Accounts Payable 300,000
Aug. 9 Merchandise Inventory 25,000
Cash 25,000
Aug. 10 Accounts Payable 20,000
Merchandise Inventory 20,000
Aug. 15 Accounts Payable 280,000
Cash 274,400
Merchandise Inventory 5,600