0554 Merchandise purchase transactions-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system, 1 Purchased $1.200 of merchandise intentantena 1 10.10 14 Paid for the May I purchase 15 Purchased $3.000 of merchandise inventory terms 15. n 10. 30 Paid for the May 15 purchase, less the applicable discount. OS 4 Sale of merchandise: trade discount-perpetual 103