TB Problem Qu$.4-217($Algo$)$ Recording purchases, allowances, and discounts taken

Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method.

May $3$ Sold merchandise for $$6,600$ with terms $2/10,$ n$/30.$ The merchandise had cost $$4,000.$

May $8$ Sold merchandise for $$4,300$ with terms $2/10,$ n$/30.$ The merchandise had a cost of $$2,500.$

May $12$ Received the balance due from the May $3$ sale within the discount period.

May $14$ Granted an allowance of $$300$ for scratched merchandise related to May $8$ sale.

May $17$ Received the balance due from the May $8$ sale within the discount period.