(3 Marks) 12. Prepare the necessary journal entries to record the following transactions, assuming Moran Company uses aperpetual inventory system. a) Moran sells $50,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. b) The customer in (a) returned $5,000 of merchandise to Moran. The merchandise returned cost $3,000. c) Moran received the balance due within the discount period. Solution General Journal Debit Credit Date Accounts Title