Journal entries for Geo Company

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Prepare journal entries to record the following transactions of Geo Company, which applies the perpetual inventory system (35 points) omit explanationsMay 1. Purchased merchandise from Amok Company for $11,200 under credit terms of 2/15,n/45, FOB destination and invoice dated May 1.May 3. Sold merchandise to Lawton for $8,000 under credit terms of 1/10,n/30, FOB destination, invoice date May 3. The merchandise had a cost of $5,000.May 5. Paid $350 cash for shipping charges related to the May 3 sale.May 6. Returned $2,000 of the merchandise purchased on May 1 to Amok Company.May 7. Lawton returned merchandise form the May 3 sale that had cost Geo $625 and had been sold for $1,000. The merchandise was restored to inventory.May 13. Received the balance due from Lawton.May 14. Paid the amount due to Amok Company.

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