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Prepare journal entries for the following merchandising transactions for Adanac Industries using both the perpetual and periodic inventory systems. The year end of the business is December 31. Dec 1 Purchased merchandise from Napaj Ltd. at a cost of $6,000 with terms 2/10,n/30 FOB shipping point Dec 3 Paid $100 freight charges to have the Napaj Ltd. purchase delivered to Adanac. Dec 5 Obtained a credit memo from Napaj for merchandise purchased on Nov 1 that was damaged. The amount charged for the purchase was reduced by $1,000 Dec 15 Paid the balance owing to Napaj from the December 1st purchase. Dec 18 Sold merchandise to Blackwood Ltd. on credit for $4,000 (cost of the inventory was $1,300) terms 2/10,n/45 FOB destination Dec 26 Received the balance owing from Blackwood from the December 18th sale. Dec 30 Blackwood returned an item from the December 18th sale. The item had sold for $200 and cost $120. The item will NOT be returned to inventory