3. Jan 1, 2008 ABC company purchased merchandise on account from XYZ company for $400,000. The term of the trade was: 4/16, n/30; FOB shipping point and ABC paid $1,200 for transporting the goods. Required: Make necessary entries in the books of ABC and assume that ABC uses perpetual inventory system. 4. Jan 1, 2008 XYZ company sold merchandise on account to ABC company for $400,000. The cost of the goods to XYZ was $300,000 The term of the trade was: 4/16, n/30; FOB destination and XYZ paid $1,200 for transporting the goods. Required: Make necessary entries in the books of XYZ and assume that XYZ uses perpetual inventory system. 5. a) Jan 31 XYZ received 8% 120-day, $400,000 note from ABC as a promise to pay the amount due. Make necessary entries for the receipt of the note. b) On March 2, XYZ discounted the note at 6% from Bank of America. Make necessary entries for the discounting of the note. c) On the maturity date, the note was honored. (what is the maturity date of the note) Make necessary journal entries, if needed, for the fact that the previously discounted note was honored. If there is no entry, please say so and briefly explain why. Please indicate the maturity date at the side of your journal entries for item "c" here and item "d" below. d) Assuming the previously discounted note was dishonored, make necessary entries, if any, on the maturity date