er Questions Word Pooc Acivation failed rences Mailings Review View Preement Des Layout A. *. A +92 Abel Abod Aalbo Abbce Aabe AIM Ate Alb Albce Tomato Socrat dig? Part 3 - Merchandising Transactions (13 Marks) Humboldt Sales had the following merchandise transactions during May Itunes a perpetual Inventory system and FIFO inventory costing method. Beginning inventory was 20 units valued at $25 per unit (no journal entry required) May 5 Purchased 100 units of merchandise inventory on account for a total cost of May 10 Returned ten units of defective merchandise purchased on May 5 and received full May 11 Sold 30 units for S40 per unit on account, terms 2/10, 1/30. May 15 Paid for the May 5 purchase. May 20 Received payment from the May 11 sale Required: Prepare the journal entries to record these transactions on the books of Humboldt Sales. Leave a space between each journal entry. No explanations are needed. DATE ACCOUNTS DEBIT CREDIT May 5 May 10 May 11 O