guide in class! Clicker Question Preparation Guide: Ch. 5 & 6 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this Part 1: Prepare Coronado Co.'s journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. Coronado Co. purchases $24,000 of inventory on account, terms 2/10 net 30 from Likins Company. b. Coronado Co. returns $2,600 of inventory to Likins Company from the initial purchase. C. Coronado Co. pays the balance owed to Likins Company, taking the discount. Recording Sales of Merchandise (new scenario) d. Coronado Co. sells merchandise on account for $8,900 (terms 3/10 net 30) to Penny Co. The merchandise had cost Coronado Co. $4,350. e. Penny Co. returns $800 of the merchandise to Coronado Co. Assume this returned merchandise had cost Coronado Co. $600. f. Penny Co. pays Coronado Co. the balance owed within 10 days of the sale