Problem (III.) For the following transactions prepare the journal entry, (4 pts. each, total of 40 pts.) Company uses a perpetual inventory system!!!!! 1. Purchased $350,000 of merchandise inventory on account from ABC Manufacturing Co., purchase terms 4/10 n/30, FOB Destination. 2. The business owner took $5,500 of merchandise inventory home to give as a gift to his wife. 3. Purchased $680,000 of merchandise inventory and we had it shipped to our store at an additional cost of $1,500, we paid for everything in cash. 4. Sale to customer Elmo on account $400,000, sales terms 3/15 n/30, cost of goods sold is $195,000. 5. For our customer Elmo, we paid UPS $125 to deliver this sale to his home, we would pick up for the cost of this delivery. 6. Made a $10,000 sale to Paul/cost of goods is $4,000, but instead of Paul paying us cash we agreed that today he would fix our plumbing at a cost of $10,000. 7. Some of the merchandise purchased from ABC Manufacturing in 1. above was the wrong color, we kept the merchandise BUT ABC Manufacturing agreed to decrease/lower the purchase price by $7,000. 8. We paid ABC Manufacturing Co. the amount due within the 10-day terms. 9. Purchased $60,000 of Merchandise on account from XYZ terms 5/10 n/30. 10. From Elmo we received the amount due, he did NOT pay us within the 15-day terms.