The following transactions occurred between Belvidere Pharmaceuticals and D & S the pharmacy chain during July of the current year:Jul 6 D & S purchased $12000 of merchandise from Belvidere on credit terms of 3/10 n/30 FOB shipping point. Separately D & S paid a $200 bill for freight in. These goods cost Belvidere $3600. 10 D & S returned $3000 of the merchandise purchased on July 6. Belvidere accounted for the sales return and placed the goods back in inventory (Belvideres cost $1200). 15 D & S paid $6000 of the invoice amount owed to Belvidere for the July 6 purchase less the discount. 27 D & S paid the remaining amount owed to Belvidere for the July 6 purchase.Required:1. Journalize these transactions on the books of D & S.2. Journalize these transactions on the books of Belvidere Pharmaceuticals.
