5 In the space below, prepare general journal entries, for the merchandising transactions listed below for Jack & Jill Corporation. Assume use of the perpetual inventory system, Net Method. May 1 Purchased merchandise from ABC Corporation for $8,000, terms 2/10, n/30. 3 Paid ABC Corporation in full for purchase of May 1. 5 Sold merchandise J & J Enterprises for $4,000, terms 2/10, n/30, goods cost $2,000. 8 Purchased merchandise from James Ma LLC for $3,500, term 2/10, n/30. 11 Returned $1,500 in merchandise to James Ma LLC Company for credit 12 Gave credit to J & J Enterprises for merchandise returned, $1,000. Cost of goods returned were $660. 13 Received amount owed from J & J Enterprises for balance of May 5 purchase. 25 Paid James Ma LLC in full for purchase of May 8. REQUIRED: Prepare the general journal entries to record these transactions