Exercise 4-4 (Algo) Purchasing transactions LO P1 Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method. March 3 Purchased $1,140 of merchandise from Greenworld Company with credit terms of 2/15,n/60, invoice dated March 3 , and FOB shipping point. March 4 Paid $80 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $140. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $320 of merchandise from Peoplefirst Corporation with credit terms of 1/10, n/30, invoice dated March 19, and FOB destination. March 21 After negotiations, received from Peoplefirst a $20 allowance (for scuffed merchandise) toward the $320 owed on the March 19 purchase. March 29 Sent check to Peoplefirst paying for the March 19 purchase, net of the allowance and the discount. Journal entry worksheet 7 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. Note: Enter debits before credits. Journal entry worksheet Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. Note: Enter debits before credits