Identify and analyze each of the following transactions of Wolverine Corporation. The company uses the periodic system. March 3: Purchased merchandise from Spartan Corp. for $2,500 with terms of 2/10, n/30. Shipping costs of $250 were paid to Neverlate Transit Company. March 7: Purchased merchandise from Boilermaker Company for $1,400 with terms of n/30. March 12: Paid amount owed to Spartan Corp. March 15: Received a credit of $500 on defective merchandise purchased from Boilermaker Company. The merchandise was kept. March 18: Purchased merchandise from Gopher Corp. for $1,600 with terms of 2/10, n/30. March 22: Received a credit of $400 from Gopher Corp. for spoiled merchandise returned to Gopher. This is the amount of credit exclusive of any discount. April 6: Paid amount owed to Boilermaker Company. April 18: Paid amount owed to Gopher Corp.