Meteor Co. purchased merchandise on March 4 at a price of $30,000, subject to credit terms of 2/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system. Prepare the following journal entries. March 4 purchase of merchandise on account On March 10, Meteor returned $5,000 worth of the merchandise purchased above. Prepare the journal entry to record the transaction. #3 Record the appropriate payment of the invoice on March 29. On June 1, Meteor sold $5,000 of merchandise on account terms 1/15 n/45. Cost of the merchandise was $2,000. Prepare the journal entry using the net method for periodic inventory. #4