Ex 1 Gilden Company buys merchandise on account from Collins Company. The selling price of the goods is $780, and the cost for the merchandise to Gilden was $520. Glinden terms are net 30. Both companies use the perpetual inventory system. Journalize the transaction on the books of each company. The seller Gilden Company Collins Company Debit Credit The buyer Debit Credit Ex 2 This information relates to Lopez Co. April S April 6 April 7 April 8 Purchased merchandise from D. Nolan Company for $20,000, terms 2/10, net 30, FOB shipping point. Paid frieght costs of $900 on merchandise on purchase from D. Nolan Company. Purchased equipment on account for $26,000 from Walsh Corporation. Returned some of April 5 merchandise to D. Nolan Company which cost $2,800. April 15 Paid the net amount due to D. Nolan Company. Perpetual System Debit Credit Periodic Debit Credit If Lopez Co. had paid for the purchase of April 5 (less return on April 8) on May 4 instead of April 15, what would the Journal entry have been.