Timed exercise 2 - Tasks.pdf 2 / 5 80% + June 1 EXERCISE 1 (55 points) Paloma Inc. is an office supply store. The company uses a perpetual inventory system, records purchases of merchandise at net cost and sales at gross sales price. Record the following transactions in the company's general journal. You may omit the written explanations which normally should accompany the entries. Purchased merchandise from Martin Company for $900 with the terms of 2/10,n/30 June 2 Returned $100 of the merchandise to the Martin Company June 4 Purchased merchandise from the Elizabeth Company for $700 with the terms of 3/10,n/30 June 6 Paid the amount owed to the Martin Company June 8 Returned $50 of the merchandise purchased from the Elizabeth Company June 12 Sold all of the merchandise on hand from the Martin Company for $1,060 and collected 8% sales tax in addition to the sales price June 16 Paid the amount owed to Elizabeth Company in full General Journal Account Titles and Explanation Date Debit Credit 2 3 4 EXERCISE 2 (25 points) Using the Adjusted Trial Balance for merchandising company, perform the following tasks