7. Psang Ltd. operates a retail operation that purchases and sells home furniture products. The company purchases all merchandise inventory on credit and uses a PERPETUAL inventory system. The Accounts Payable account is used for recording inventory purchases only, all other current liabilities are accrued in separate accounts. The main supplier of home furniture to Psang company is Lerwick Store Ltd. and uses PERIODIC inventory system. All sales of Lerwick Store are in account. On December 1, 2017, the ledger of Psang's Ltd. showed Cash 1,850, Inventory 2.150, and Share Capital_Ordinary 4,000. The following transactions were completed during December 2017 Dec. 1 Psang Ltd. Purchased chairs for 16,450 on account, F.O.B destination, term 3/15, n/45 from Lerwick Store. However, the cost of the chairs for Lerwick Store was 11,250. Dec. 2 Lerwick Store paid 3,600 for 2-years insurance policy. In addition, purchased a Land by signing 10,000, 6%, 6-month note payable. Dec. 2 Psang Ltd Purchased supplies for 3.500 cash from Best Buy Co. Dec. 3 Lerwick Store paid the shipping cost of chairs 250 cash. Dec. 4 Psang Hires 3 employees to start working on 11/12/2017. Each employee is to receive 75 for 5-day workweek. The first payment is to be made on 22/12/2017 Dec. 5 Psang Ltd. Returned chairs for 3.750 that were not according to the specifications. However, the cost of these chairs for Lerwick Store was 2,565. 7- Journalize the entry on Dec. 5 for Psang Ltd and Lerweck Store. (2 points) Enter your