Journalize each of the following transactions assuming a perpetual inventory system Feb. 1 5old merchandise with a cost of $1,600 for $2,300; terms 2/10, n/30, FOB destination 2 Paid $235 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned inventory 4 Sold merchandise to a customer for $4,000 (cost of sales $2,480); terms 2/10, 1/30, Foo destination. 11 Collected the amount owing from the customer of Pebruary 1. 23 Sold merchandise to a customer for cash of $1,220 (cost of sales 5740). 28 The customer of February 4 paid the amount owing. View transaction list Journal entry worksheet 2