Exercise 4-4 (Static) 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 $1,150 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $75 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $150. March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $425 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 $25 allowance (for scuffed merchandise) toward the $425 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. View transaction list Journal entry worksheet 4 5 6 7 Purchased $1,150 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. Note: Enter debits before credits Date Mar 03 General Journal Debit Credit Journal entry worksheet 6 Paid $75 cash for shipping charges on the March 3 purchase. Note: Enter debits before credits. Date Mar 04 General Journal Debit Credit Record entry Clear entry View general journal