Aug.	1	Purchased merchandise on account from Arotek Company for $7,500, FOB destination.
	5	Sold merchandise on account to Laird Corp. for $5,200. The merchandise had cost $4,000.
	8	Purchased merchandise on account from Waters Corporation for $5,400, FOB shipping point. The invoice showed that at Shengs request, Waters paid the $140 shipping charges and added that amount to the bill.
	10	Laird returned merchandise from the August 5 sale that had cost Sheng $400 and been sold for $600. The merchandise was restored to inventory.
	12	After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $700.
	15	Received balance due from Laird Corp. for the August 5 sale.
	18	Paid the amount due Waters Corporation for the August 8 purchase.
	19	Sold merchandise on account to Tux Co. for $4,800. The merchandise had cost $2,400.
	22	Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $500 credit memorandum to resolve the issue.
	29	Received Tuxs cash payment for the amount due from the August 19 sale.
	30	Paid Arotek Company the amount due from the August 1 purchase

Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system.