Custom Uniforms (CU)) sells uniforms to sports teams, businesses and schools. Customer Uniforms is using perpetual inventory system. During May for CU the following transactions occurred. Prepare necessary entries. May 7 Purchased $30,000 of merchandise from Surplus Uniforms , terms, 1/10, 160. FOB shipping point. May 9 Sold $18,000 of merchandise for $32,000 to Valley Sports. Terms n/30. May 11 Paid Surplus Uniforms full amount owed. May 16 The appropriate party paid $600 freight charges on May 7 purchase. May17 Purchased $23,000 of merchandise from Smiths Clothing. Terms 2/10,n/60. FOB destination. May18 The appropriate party paid $650 freight charges on May 17 purchase. May 20 Sold $10,000 of merchandise for $27,500 to Humber Golf. Terms n/30 Estimated returns are 8%. FOB destination May 22. The appropriate party paid $675 freight charges for May 20 sale. May 24. Received full payment owing from Valley Sports. May 25. Humber Golf returned $3,000 of merchandise. The merchandise cost CU $1,500. May 26. Received full payment owing from Humber Golf. May / Purchased $30,000 of merchandise from Surplus Uniforms, terms, 1/10, n/60. FOB shipping point. Debit Credit