BES-2 Record the following transactions on the books of Essex Corp, which uses a perpetual inventory system. (a) On July 1, Essex Corp, sold merchandise on account to Cambridge Inc. for $42,000, terms 2/10, n/30. The cost of he merchandise sold was $30,000. (b) On July 8, Cambridge returned merchandise worth $7.200 to Essex. Its original cost was $4,320. The merchandise was restored to inventory (c) On July 9, Cambridge paid for the merchandise. (d) Assume now that Cambridge did not pay on July 9, as indicated in transaction (). At the end of August, Eser adal one month's interest to Cambridges account for the overdue receivable. Essex ch Round calculations to the nearest dollar arges 24% per year on ove