3. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during Decerioer Dec 1 Sold merchandise on credit for $5,000, terms 3/10,n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, 5720 . 4 Purchased merehandise on eredit for $2,600, terms 1/20,n/30. 5 Issued a credit memorandum for $300 to a customer who returned merehandise purehased November 29. The returned items had a cost of $210. 11 Received payment for merchandise sold December 1. 15 Reccived a credit memorandum for the retum of faulty merchandise purchased on December 4 for 5600 . 18 Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) 23 Paid for the merehandise purchased December 4 less the portion that was retumed. 24 Sold merehandise 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 December 24