CComp, Inc. entered into the transactions listed below. Prepare CComp's entries, assuming use of the perpetual inventory system. Omit explanations.
Mar.
2 Purchased $450 of merchandise on credit, terms n/30.
6 Returned $75 of the items purchased on March 2.
8 Paid freight charges of $25 on the items purchased March 2.
16 Sold merchandise on credit for $600, terms n/15. The merchandise had a cost in inventory of $375.
17 Of the merchandise sold on March 16, $50 of it was returned. The items had cost to Highland of $15.
25 Received payment in full from the customer of March 16.
31 Paid for the merchandise purchased on March 2.