2 - Merchandise Journal Entries (10 marks) The following merchandise inventory transactions occured in the month of December in the operations of Spector Enterprises The company uses a perpetual inventory system and records all purchase/sales discounts for early payment at the time of payment. Ignoring any sales/excise taxes, prepare the necessary journal entries for these transactions. (10 marks): Dec 3 Dec 8 Dec 9 Dec 13 Dec 20 Dec 26 Dec 31 Sold inventory costing $3,392 to Agnes Corp on credit for $4,837. Terms 1/10 net 30. Purchased inventory costing $6,640 from Agnes Corp on credit. Terms 5/10 net 30. $1,123 of the merchandise sold on Dec 3 to Agnes Corp was returned for credit on account. Agnes Corp paid their account for $2,877 Spector Enterprises discovered that $875 worth of merchandise is defective and returned it to Agnes Corp for adjustment to the account. Sent a payment to Agnes Corp for the full amount. At the end of December, the merchandise inventory account had a balance of $83,460. A physical count was done, adding up to $84,272. USE the Journal Paper provided to record your answers. Show all calculations