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3) (a.) Nelson Company purchased merchandise on account from Hogan Manufacturing for $6,200 2/10 net 30. (b.) Nelson Company paid for the merchandise within the

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3) (a.) Nelson Company purchased merchandise on account from Hogan Manufacturing for $6,200 2/10 net 30. (b.) Nelson Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for Nelson Company for the above transactions: DR CR Possible Accounts Cash Accounts Receivable Merchadise Inventory Cost of Merchandise Sold Accounts Payable

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