Question no. 1 (Homework) E5.4: - Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. Purchased merchandise from Layla Company under the following terms: $4,600 price, 2 invoice dated April 2, credit terms of 2/15, 1/60, and FOB shipping point. 3 Paid $300 for shipping charges on the April 2 purchase. 4 Returned to Layla Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Layla Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from El Awal Corp. under the following terms: $8,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from El Awal a $1,100 allowance on the April 18 purchase. 28 Sent check to El Awal paying for the April 18 purchase, net of the discount and allowance. Question no. 3 (Homework) QS5.7: - Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800. Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory. Apr.11 Received payment for the amount due from the April 1 sale less the return on April 4