5712 Recording transactions in a general journal Learning Objective 3 Mar. 2 Sold merchandise inventory on account, terms N30, to B. Kelp, issuing invoice no. 501 for $1,000 (cost, $530). 0 Issued credit memo to B. Kelp for $1,000 for merchandise returned to the business by the customer. Also accounted for receipt of the merchandise inventon at cost. 21 Purchased merchandise inventory on credit terms of 3!10, nf30 from Pond (30., $600. 20 Returned damaged merchandise inventory to Pond Co., issuing a debit memo for $600. Journalize the above transactions that should he recorded in the general journal. If a transaction should not be recorded in the general journal, identify the special journal that should be used. Assume the company uses the perpetual inventor},r system