please answer q5 asap thanks

Debit Memo Date: March 20, 2023 Sold to: Schmidt Company Sold by: Ernie's Bicycle Shop The provided documents describe two business transactions. Bicycles i (Click the icon to view the invoice.) i (Click the icon to view the debit memo.) Items Returned Quantity Price Total Ernie's Bicycle Shop paid the balance due on March 21. Both Ernie's Bicycle Shop and Schmidt Company use a perpetual inventory system. 3 $ 162 $ 486 Schmidt Company's cost of the bicycles sold to Ernie's Bicycle Shop was $1,592. Schmidt Company's cost of the returned merchandise was $396. 3 110 330 Required Total $ 816 Reason: Damaged in shipment Requirement 1. Record these transactions and Ernie's cash payment on March 21 in the books of Ernie's Bicycle Shop. Invoice (Record debits first, then credits. No explanations are required. Round amounts to the nearest whole dollar.) March 14: Ernie's Bicycle Shop purchases bicycles from Schmidt Company. Date: March 14, 2023 Journal Entry Sold to: Ernie's Bicycle Shop Date Accounts Debit Credit Sold by: Schmidt Company Mar 14 Terms: 2/10, n/30 Items Purchased Bicycles Quantity Price Total 10 162 $ 1,620 3 110 330 11 95 1,045 Total $ 2,995 Clear all Check