Detail Submission Grade 4.2A Skunk Aid Due: Oct 28, 2018 at 11:59 PM Merchandise Purchases Prepare journal entries t o record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. 1Purchased 125 units of a product at a cost of $4 per unit. Terms of the sale FOB shipping point; the invoice is dated October1 Oct. are 2/10, n/30, and Oct. 3Paid $30 cash for freight charges from UPS for the October 1 purchase Oct. 7Returned 50 defective units from the October 1 purchase and received full credit Oct. 11Paid the amount due from the October 1 purchase, less the return on O Oct.31Assume the October 11 payment was never made and, instead, payment of the amount due on the October 1 purchase, less the return on October 7, occurred on October 31