The following transaction occurred during the month of August for Sam's Shop. Â Prepare journal entries for each transaction using the perpetual inventory method.
| Aug 2 | Purchased 550 units of product for $10 each with terms of 3/15, n30 FOB Shipping point | |||||
| Aug 3 | Paid $90 for shipping    | |||||
| Aug 10 | Sold 200 units of product to A. Customer for $55 each with terms 2/10, N45 FOB Destination. | |||||
| Aug 11 | We paid shipping charge for Aug 10 Sale of $70 in cash  | |||||
| Aug 12 | A. Customer called to report the wrong product was shipped. A. Customer has decided to keep the merchandise and we will give them a credit of $250 for the error. | |||||
| Aug 15 | We paid for the purchase on Aug 2.    | |||||
| Aug 20 | Purchased units of another product for $15 each with terms of 1/10, n30 FOB Destination. | |||||
| Aug 22 | Determined that 100 units were damaged in shipment and unusable. We return the items to vendor. | |||||
| Aug 25 | Received a check from A. Customer for amount owed less allowance and discount on Aug 10 sale. | |||||
| Aug 30 | We paid for the purchase made on August 20.   | |||||
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| Date | Description | Debit | Credit |
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| Aug 30 |