Problem (III.) For the following transactions prepare the journal entry. (5 pt cach, total of 50 pts.) Company uses a perpetual inventory system!!!!! 1. Purchased $350,000 of merchandise inventory on account from ABC Manufacturing Co., purchase terms 4/10 1/30, FOB Shipping. 2. Paid a shipping company $1,200 to deliver the above Merchandise Inventory to our store. 3. The business owner took 55,500 of merchandise inventory home to give as a gift to his wife. 4. Purchased 5680,000 of merchandise inventory, we paid in cash. 5. Sale to customer Elmo on account $400,000, sales terms 3/15w30, cost of goods sold is $195.000 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 1above was the wrong color, we kept the merchandise BUT ABC Manufacturing agreed to decrease/lower the purchase price by S7.000. 8. We paid ABC Manufacturing Co, the amount due within the 10-day terms 9. From 5. above Elme was not totally happy with the sale we made to him & he did not want to return the sale but to keep our customer happy we reduced the sales price by S2000 10. From Elmo we received the amount due, he did NOT pay us within the 15-day terms