2. (20 points) Journalize the following transactions for Jack Enterprises, which uses a Perpetual Aug 1 Inventory System and uses the gross method to record sales and purchases: Purchase merchandise on credit for $5,000, terms 3/10, n/30. 3 Purchased merchandise for cash, $2,720. 4 Received a credit memorandum from the seller for the return of faulty merchandise purchased on August 1 for $600. 6 Sold merchandise on credit for $2,600, terms 1/20, n/30. The items sold had a cost of $1,750 9 Issued a credit memorandum for $300 to a customer who returned merchandise purchased Aug 6. The returned items had a cost of $210. 10 Made payment for merchandise purchased August 1, less the portion that was returned. 18 Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) 23 Received payment for merchandise sold on Aug 6, less the return. 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900. 31 Received payment for merchandise sold on August 24.