Problem #2 Using the perpetual inventory system, journalize the entries for the following transactions: a) Sold merchandise on account for $7,000, terms 1/10, n/30. The cost of the merchandise sold was $4,500. b) The customer in a) returned merchandise which was sold for $800 and that had a cost of $480. c) The customer in a) paid the remaining balance within the discount period. d) Purchased merchandise on account for $8,500, credit terms 2/15, n 45, FOB destination. The appropriate company paid the Freight costs of $500. e) Paid for the merchandise in d) during the discount period. (a) (b) (c) (d) (e) Account Name Debit Credit