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repare journal entries to record the following merchandising transactions of thang Company, which applies the perpetual inventory system. (Use a eparate account for each receivable and payable; for example, record the ourchase on May 2 in Accounts Payable - Smith Company). May 2 Purchased merchandise from Smith Company for $20,000 under terms of 1/10,n/30, and FOB Shipping Point. 4 Sold merchandise to Xavier Company for $15,000 under credit terms of 2/15,n/45, FOB Shipping Point. The merchandise cost was $7,650. 5 Paid \$275 freight charges on the purchase of May 2 from Smith Company 9 Sold merchandise that had cost $4,000 for $5,000 cash. 10 Purchased merchandise from Topeka Company for $6,450 under credit terms of 1/15,n/30,FOB destination. 12 Received a $650 credit memorandum from Topeka Company for the return of some of the merchandise purchased on May 10. 12 Paid the balance due to Smith Company-paid within the discount period. 19 Received the balance due from Xavier Company for the credit sale dated May 4, net of cash discount. 20 Sold merchandise that cost $1,700 to Wickersham Company for $2,950 under credit terms of 1/10,n/30 22 Issued a $600 credit memorandum to Wickersham Company for the return of merchandise from the May 20 sale. 25 Paid Topeka company the balance due after deducting the discount. 30 Received the balance due from Wickersham Company for the sale of May 20 less merchandise returned and discount allowed. 31 Sold merchandise that cost $4,600 to Xavier Company for $7,350 under credit terms of 2/15,n/45

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