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Question 2: On May 3, EF Media purchased $55,000 of merchandise to resell terms 2/15,...

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Question 2: On May 3, EF Media purchased $55,000 of merchandise to resell terms 2/15, n/30, from JP Analytics Company. Assume that EF Media uses the perpetual inventory system a What account is debited on May 3 when the merchandise is purchased? On May 10, EF Media returned $5,000 of the merchandise purchased. (1) What account is debited on May 10 for the return? (2) How much does EF Media owe JP Analytics Company AFTER the return (what's the balance in the account payable to Analytics Company?) EF Media pays the balance due on May 16; how much is paid to JP Analytics Company

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