3 P5-4B. Journal Entries for Merchandise Transactions Janetto Distributing Company uses the perpetual inventory system. Janetto had the following transactions related to merchandise during the month of August: 10 Purchased on account merchandise for resale for $9,000; terms were 2/10, n/30. 12 Paid $350 cash for freight on the August 10 purchase. 16 Returned merchandise costing $800 (part of the $9,000 purchase). 19 Paid for merchandise purchased on August 10. 22 Sold merchandise on account costing $8,000 for $10,000; terms were 2/10, n/30. 25 Customer returned merchandise costing $750 that had been sold on account for $900 Aug. (part of the $10,000 sale). Received payment from customer for merchandise sold on August 22. 31 Required Record each of the transactions related to purchasing and selling merchandise for the Janetto Distribut- ing Company