Problem: K Company purchased $5,800 of merchandise on credit, with terms 1/10, n/30, FOB shipping point. The shipping cost of $150 was paid upon receipt of the goods. $100 of merchandise was returned prior to paying for the goods. Required: If K Company uses a perpetual inventory system: a. What is the journal entry recorded for the purchase? b. What is the journal entry recorded for the shipping cost? c. What is the journal entry recorded for the return?

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K Company purchased $5,800 of merchandise on credit, with terms 1/10, n/30, FOB shipping point. The shipping cost of $150 was paid upon receipt of the goods. $100 of merchandise was returned prior to paying for the goods.

Required: If K Company uses a perpetual inventory system:

a. What is the journal entry recorded for the purchase?

b. What is the journal entry recorded for the shipping cost?

c. What is the journal entry recorded for the return?

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