Example: (Chapter 5) (A) Information related to Steffens Co. is presented below. Prepare the journal entry to record the transaction under a perpetual inventory system. 1. On April 5. purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $1,000 on merchandise purchased from Brvant. 3. On April 8, returned damaged merchandise to Bryant Company and was granted a $5,000 credit for returned merchandise. 4. On April 13. paid the amount due to Bryant Company in full. (B) Presented are transactions related to Wheeler Company. 1. On December 3. Wheeler Company sold $520,000 of merchandise to Hashmi Co., terms 2/10,n/30, FOB shipping point. The cost of the merchandise sold was $350,000. 2. On December 8, Hashmi Co. returned goods of $20,000 of the purchases on December 3 . 3. On December 12, Wheeler Company received the balance due from Hashmi Co. Instructions: Prepare the journal entries to record these transactions on the books of Wheeler Company using a perpetual inventory system