1. ABC Company has merchandise with a catalogue price of $4,200 and cost price of $2,300. On July 1, the merchandise is sold on account. The terms are FOB destination, 2/10, 1/30. The freight costs is $85. ABC Company issues a credit memo for $750 to the customer for merchandise costing $425 that is returned on July 3. Payment is received within the discount period on July 10. The company uses a perpetual inventory system. Journalize the following transactions for ABC Company (a) Sold the merchandise (b) Paid the freight charges (c) Issued the credit memo. (d) Received payment from the customer. On July 15, ABC Company purchased merchandise with a list price of $4,700 on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, S1,600 of the merchandise is returned on July 20. The invoice is paid within the discount period on July 25. Joumalize the following Transactions for ABC Company (a) Purchased of the merchandise. (b) Merchandise returned. (c) Paid the amount owed. 2. XYZ Company is a retail company selling hardware items. XYZ uses a perpetual inventory system. Journalize the following transactions: August 2. XYZ Company purchased inventory from Jen Jen's Distribution for $11,400 with terms 2/10, n/30 August 6. XYZ Company pays Trek Transport $75 for freight on the August 2 order. August 12. XYZ receives a credit memo from Jen Jen's Distribution for $215 for damaged merchandise August 14. XYZ Company pays Jen Jen's Distribution the balance due. 3. Use the Periodic Inventory System to journalize all of the above transactions