3.1 Purchase of Inventory and daily transactions for a merchandising company. Record the following transactions for Bills Donuts below: On December 1, 300 units of Merchandise were purchased on account at a price of 2$ unit, terms 2/10 n30. The cost of shipping was $20 terms FOB shipping point. On December 3 a sale was made of 100 units at $5 per unit. To offer an incentive to encourage greater sales Bill provided the last two units of the 100 for free (purchase discount). On December 17, 4 Items were returned. On December 20, the bill was paid. New Bal. Date June 1 Account Debit Credit Record orig. purchase of merchandise To Record for Shipping June 10 To record for sale of goods June 10 To record cost of goods sold June 10 Receivable June 17 To Record Returns June 20 To record payment of bill for merch. $200