Prepare journal entries to record the following purchases transactions of a merchandising company (Show any workings)Oct 1 Purchased 500 units of iPhones at a cost of $700 per unit. Terms of sale are...

Merchandising company
Under perpetual inventory system.
Journal entries
    Date
    Accounts name and explanation
    Debit
    Credit
    
    
    
    
    Oct 1,
    Merchandise Inventory
    $350,000
    
    
     Accounts payable
    
    $350,000
    
    (Inventory purchased has recorded)
    
    
    
    (500 units * $700 =$350,000)
    
    
    
    
    
    
    Oct 3,
    Merchandise Inventory
    $1000
    
    
     Cash
    
    $1000
    
    (Freight charges has recorded)
    
    
    
    
    
    
    Oct 7,
    Accounts payable
    $35000
    
    
     Merchandise Inventory
    
    $35000
    
    (Full credit received for returned goods)
    
    
    
    (50 units *$700 = $35000)
    
    
    
    
    
    
    Oct 11
    Accounts payable
    $315,000
    
    
     ...