Chapter 5 Homework Record the journal entries for the following transactions that occurred during the month of March for Magic Merchandisers, Inc using a perpetual inventory system. Mar. 1st: Purchased merchandise on account from Oriental Industries $6,000 terms 2/10, n/30, FOB shipping point. $500 in freight cost was added to the invoice. Mar. 4th: Purchased merchandise on account from Starlight Inc., list price $10,000, trade discount 30%, terms FOB destination 1/10, n/30. Mar. 6th: Returned $1,050 ($1,500 list price less trade discount of 30%) of merchandise to Starlight Mar. 8th: Sold merchandise inventory on account to Magic R Us for $8,000 terms 1/10, n/30, FOB destination. The cost of merchandise sold was $3,500. Mar. 11th: Paid Oriental Industries for Mar. 1st purchase, less discount. Mar. 13th: Sold merchandise inventory for $3,000. Customer used a credit card to purchase the inventory. The cost of merchandise sold was $750. Mar. 14th: Paid Starlight Inc. for Mar. 4th purchase, less return of Mar. 6th and discount. Mar. 16th: Magic R Us returned $2,000 of inventory. Cost of the merchandise returned equaled $750. Mar. 18th: Received cash on account from Mar. 8th sale to Magic R Us, less return on Mar. 16th, less discount. Mar. 24th: Sold merchandise inventory on account to Magik, list price $1,500, trade discount 20%, terms FOB destination 1/10, n/30. The cost of merchandise sold was $400. Mar. 31st: Paid credit card fees to National Processing Center $150.