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Problem 1 Money Company purchases inventory and sells it to the public. Required: Prepare Money Companv's iournal entries (debit and credit) to account for the following transactions. Show calculations. a. May 1 Purchased inventory on account for $5,000. Terms are 2/10 n 30 . b. May 6 Paid the balance due from May 1. c. May 20 Assume that the May 6 entry above never took place. Instead, assume that payment was made today. Problem 2 Gross Profit Method Problem A fire took place at the Parminter Company and destroyed the entire inventory. Fortunately, the accounting records were not destroyed: Required: Using the gross profit method, calculate the cost of the inventory destroyed in the fire. Show calculations