Prepare journal entries for July, 2011 to record the following transactions for Seaside Sales. Assume a perpetual inventory system. Enter the transaction letter as the description. Also, the dates must be entered in the format dd/mmm (ie. 15/Jan).
a.July 3: Seaside Sales purchased merchandise on credit from Resource Product Co., terms 2/10, n/30, $7,400, FOB destination.
b.July 7: After negotiations with Resource Product Co. concerning problems with the merchandise purchased on July 3, received a credit memorandum granting a price reduction of $3,700.
c.July 14: Seaside Sales paid $700 for supplies purchased today.
d.July 21: Seaside Sales purchased merchandise on credit from Beamer Co., terms 2/15, n/60, $6,100, FOB destination.
e.July 24: Paid the amount due to Resource Product Co. for the July 3 purchase.
f.July 31: Paid the balance due to Beamer Co.