Save Answer QUESTION 20 5 points Prepare Journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual Inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10, 1/30. May 1 Purchased merchandise from Craft Company for $7,800 under credit terms of 1/10, 1/30, FOB shipping point, invoice dated May 1 May 2 Purchased merchandise from Bow Company for $10,600 under credit terms 2/5, 1/20, FOB destination May 4 Paid $300 cash for the freight charges on the May 1 purchase of merchandiso. May 5 After negotiations, received a $800 allowance (for scuffed merchandise) toward the amount owed on the May 1 purchase, May 6 Paid Bow Company the balance due within the discount period. May Pald Craft Company the balance due within the discount porlod For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIU. Paragraph 10pt 11 111 > 111 Arial