E5-2B. Record merchandising transactions: perpetual inventory system. (LO 1, 2) Discount Wines Inc. had a beginning inventory balance of $85,450 and engaged in the fol lowing transactions during the month of October. October 2 Purchased $15,000 of merchandise inventory on account from Joe's Winery with terms 2/10, n/30 and FOB destination. Freight costs for this purchase were $750. October 5 Returned $100 of damaged merchandise to Joe's October 6 Sold $18,000 of merchandise to Tasty Catering Service on account, terms 2/15, n/30 and FOB shipping point. Freight costs were $155. The cost of the inventory sold was $10,500. October 10 Paid the amount owed to Joe's October 10 Discount granted Tasty an allowance on the October 6 sale of $200 for some soured wine. October 23 Received payment from Tasty October 29 Paid sales salaries of $1,500 October 31 Paid the rent on the warehouse of $1,450 Enter each of the transactions for Discount Wines Inc. into the accounting equation, assum ing they use a perpetual inventory system.
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