Exercise 5-15 Martinez Ltd. and Marigold Ltd. incurred the following merchandise transactions in June. June 10 Martinez sold $5,000 of merchandise to Marigold, terms 1/10, n/30, FOB shipping point. The merchandise cost Duvall $3,000 when it was originally purchased. 11 Freight costs of $250 were paid by the appropriate company. Martinez received damaged goods returned by Marigold for credit. The goods were originally sold for $700; the cost of the returned merchandise was $420. The merchandise was not returned to inventory. Martinez received full payment from Marigold. 12 19 Your answer is partially correct. Try again. Prepare journal entries for each transaction fol Marigold Ltd, assuming (1) a perpetual inventory system is used, and (2) a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entereu. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) (2) Periodic Inventory System Date Account Titles and Explanation Debit Credit June 10 Purchases 5000 Accounts Payable 5000 11 Freight In 250 Cash 250 12 Accounts Payable 700 Purchase Returns and Allowances 700 19 Accounts Payable 4300 X Sales Discounts 43 Cash 4257