ces Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual LO3 Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2020 to record the following transactions. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,600 invoice price, 3/15, n/60, FOB shipping point.. 3 Paid $290 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $500. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount.. 18 Purchased jeans from 3 Brand under the following terms: $8,400 invoice price, 3/10, n/30, FOB destination. 21 After brief negotiations, received from 3 Brand a $1,500 allowance on the purchase of March 18. 28 Sent a cheque to 3 Brand paying for the March 18 purchase, net of the discount and the allowance. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record purchase of merchandise on credit; terms 3/15, n/60, FOB shipping. Note: Enter debits before credits. Date General Journal Debit Credit