2. Sparrow Corporation uses the perpetual inventory system: 7-1: Sparrow purchases a diamond bracelet from DeBeers on account for $50,000. The payment terms are 2/10N/30. The shipping terms are FOB shipping point 7-2: Sparrow pays the delivery charges in cash, $500. 7-5: Sparrow pays the DeBeers bill in cash. 7-10: Aaron Judge buys the bracelet on account for $70,000 7-12: Aaron Judge returns the bracelet for a full refund Required: Prepare the appropriate journal entries and post them to the ledger