Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual LO3 Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2020 to record the following transactions. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/68, FOB shipping point. 3 Paid $350 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $400. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from ) Brand under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination. 21 After brief negotiations, received from Brand a $2,100 allowance on the purchase of March 18 28 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance