2 Question No.2 Following are the transactions of a Merchandise business. Product Desktop computer Tablet computer Landine telephone 4-in-1 desktop printer Price per Unit 5400 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each Aprili by paying cash April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are 1/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April 7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, 1/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June 1 CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3, CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund. June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance from the manufacturer of S8 per phone. July 1 CBS purchases 80 units of the 4-in-1 desktop printers at a cost of S100 each on credit. Terms of the purchase are 5/15, 1/40, with an invoice date of July 1. July 6 CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a full refund. July 10 CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decides to keep them with the manufacturer issuing an allowance of $30 per printer. July 15 CBS pays their account in full, less purchase returns and allowances Required Prepare journal entries by using perpetual inventory system (1.5 Marks)