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3- Principles of Accounting Assignment Day 11.docx Exercise 5-2 Recording journal entries for merchandise purchase transactions-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system Feb 1 Purchased $17,000 of merchandise inventory: torms 1/10.6/30 5 Purchased for cash $8,200 of merchandise inventory 6 Purchased $22,000 of merchandise inventory: terms 2/15, 1/45 9 Purchased $1.900 of office supplies tormen/15 10 Contacted a major supplier to place an order for $200,000 of merchandise in exchange for a 30% trade disco to be shipped on April 1 FOB destination 11 Paid for the merchandise purchased on February 1. 24 Paid for the office supplies purchased on February 9 Mar 23 Paid for the February 6 purchase Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual L03