Assignment 1 Prepare the necessary journal entries on the books of P&G Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations): P&G purchased $23,000 of merchandise on account, terms 6/10, n/30. Returned $7,000 of damaged merchandise for credit. Sold 20 products at a price of $70 each to Charlies Company, terms 5/15, n/30. The products cost P&G $35 each. One defective product was returned to P&G. P&G Paid for the merchandise purchased within 10 days. If P&G Received payment in full from Charlies within 15 days, Round to nearest dollar