Question 1 (20 points] Prepare journal entries for May, 2014 to record the following transactions for Ludwig Inc. Assume a perpetual inventory system. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). a. May 2: Ludwig Inc. purchased merchandise on credit from Segura Corporation, terms 2/15, n/60, $7,700, FOB destination. b. May 17: Ludwig Inc. purchased merchandise from ABC Inc. for $7,500 under credit terms of 2/15, n/60, FOB destination. c. May 18: Received a credit memorandum in the amount of $1,200 acknowledging the return of merchandise purchased from Segura Corporation on May 2. d. May 23: Ludwig Inc. purchased supplies by paying $6,000. e. May 25: Paid the balance due to Segura Corporation. f. May 31: Paid ABC Inc. the balance due. Please use the '+' and '-" buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJ& Account/Explanation F Debit Credit Date 1. Ivay JT. I GIURUUM. HIC WCICILC uuc. Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJS Date Account/Explanation F Debit Credit + -1 + - official Time: 2.31. 15 SUBMIT AND MARK SAVE AND CLOSE