Question

Record the following transactions for Jaymar, Inc. in thegeneral journal assuming a perpetual inventory system:

1.January 1, 2014 Jaymar, Inc. purchased $5,000 of inventory onaccount from ABC, Inc. terms 2/10, net 30, FOB shippingpoint.

2.January 9, 2014 Jaymar, Inc. paid the amount due to ABC,Inc.

3.January 20, 2014 Jaymar, Inc. purchased $2,000 of inventoryfrom Chickel, Inc., terms 1/15, net 30, FOB destination.

4.January 25, 2014 Jaymar, Inc. returned $500 of damagedinventory purchased from Chickel, Inc.

5.January 30, 2014 paid the balance due Chickel, Inc