Journal Entries for Merchandise Transactions-Perpetual System Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June 1 Purchased on account merchandise for resale for 58.000 terms were 2/10,30 5350 cash for freight on the june 1 purchase 7 Returned merchandise costing 5500 part of the 58.000 purchases 10 Paid for merchandise purchased on 13 Sold merchandise on account oosting 57.000 for 510.000 terms were 2/10 30 16 Customer returned merchandise conting 3450 that had been sold on account for 500 part of the 310.000 sales 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Company GENERAL JOURNAL Description Debit Data June 1 Credit 05 o Purchased merchandise w2/10. IV 3 3 0 0 Paid freight on June 1 purchase 7 0 0 Returned merchandise from one I purchase TO . . Carth Paid for merchandise purchased on one I within the discourt period 13 0 o 0 0 To record revenue from sale of merchandise 13 o O To record cost of merchandise sold and to reduce nentory 16 0 o o To record sales return by customer 16 0 0 0 0 To record cost of goods returned by customers. & XC GENERAL RYBNbrse Description Date Debit Credit June 1 e 0 05 0 0 Purchased merchandise with 2/10, n/30 terms. 3 0 0 OO Pald freight on June 1 purchase. 7 OO Returned merchandise from June 1 purchase. . . 10 OOO Cash Paid for merchandise purchased on June 1 within the discount period. 13 0 0 . 0 0 To record revenue from sale of merchandise. 13 e Oo . To record cost of merchandise sold and to reduce inventory 16 . O O OO To record sales return by customer 16 0 0 To record cost of goods returned by customers. 22 Cash e OOO To record receipt of cash from customer within the discount period. Please answer all parts of the