Exercise 5.5 Jalal Printing starts business in July. During the month of July, 2010 following transactions took place: 1 July Purchased merchandise on account from Jamal and brothers Taka 8,000. FOB shipping point, terms 2/10, n/30. 2 Paid freight charges Taka 500 for the purchase of July 1. 10 Received credit from Jamal for defective merchandise returned Taka 1,000. 12 Sold merchandise on account Taka 6,000, terms 2/10, n/30. Merchandise had a cost of Taka 5,000. 16 Purchased merchandise on account for Taka 10,000, terms 2/10, n/30. FOB shipping point. Paid in full for the purchase of July 1. 20 Received a credit from the supplier of July 16 purchase for merchandise returned Taka 2,000. 22 Made sales on account Taka 8,000, terms 2/10, n/30, FOB destination. Merchandise had a cost of Taka 6,500. 24 Paid freight charges Taka 600 for the sale of July 22. 25 Paid in full for the purchase of July 16. 30 Received part payment on account from the customers Taka 5,000. 19 Required: Prepare journal entries under net price method being perpetual inventory system