Instructions a. Prepare the journal entries to record these transactions on the books of Rice Co. under a perpetual inventory system. b. Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. Journalize perpetual inventory entries. E5.3 (LO 2, 3), AP Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30, FOB shipping point. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30