PROBLEMS 1. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 Purchased merchandise for cash, $720 Purchased merchandise on credit for $2,600, terms 1/20, n/30. 3 5 Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned items had a cost of $210. Received payment for merchandise sold December 1 Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600. Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased December 4 less the portion that was returned. Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900. Received payment for merchandise sold on December 24. 11 15 3 18 23 24 31 Required: Prepare the general journal entries to record these transactions. Accouht Rece inlable ACCOu 5000