Merchandising transactions February 8 February 11 February 13 February 14 February 16 Assume your business purchased a merchandise inventory on credit for $2,500. Your seller offered you a cash discount of 3/5, n/30. You decided to return some of products as you realized that you purchased too much. You returned inventory worth $600 and received the credit. Payment made. You sold products for $3,000 and collected cash. Those products cost you $1,000. Your customer returned one product and received a full refund of $200. This product cost you $100. Prepare journal entries for the above transactions