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Prepare Tommy Inc.'s journal entries for each of the following transactions. Assume that a perpetual...

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Accounting

Prepare Tommy Inc.'s journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise Tommy Inc. purchases $51,000 of inventory on account, terms 2//10 net 30 from Joe Co. Tommy Inc. returns $11,000 of inventory to Joe Co. from the initial purchase. Tommy Inc. pays the balance owed to Joe Co., taking the discount. Recording Sales of Merchandise (new scenario) Tommy Inc. sells merchandise on account for $15,000 (terms 3//10 net 30) to Ryan Corp. The merchandise had cost Tommy Inc. $7,500. Ryan Corp. returns $2,500 of the merchandise to Tommy Inc. Assume this returned merchandise had cost Tommy Inc. $1,250. Ryan Corp. pays Tommy Inc. the balance owed

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