Note: I will check this homework on Sunday/Monday next week Question (Homework): Jounalize the following merchandising transactions for Abu Dhabi Systems assuming it uses a perpetual inventory system On January 1, Abu Dhabi Systems parehases merchandise for $5,000 on eredit with terms of 3/10, n/30, FOB shipping point; invoice dated January On January 8, Abu Dhabi Systems pays cash for the January 1 purchase. On January 12, Abu Dhabi Systems discovers and returns $1,000 of defective merchandise purchased on January 1 for a cash refiand. On January 15, Abu Dhabi Systems pays $280 eash for transportation costs (freight expenses) with the January 1 purchase On January 18, Abu Dhabi Systems sells merchandise for $3,000 on credit. The cost of the merchandise is $2,000 On January 20, the eustomer retums merehandise from the January 18 transaction. The retumed items are priced at S600 and cost $420; the items were not damaged and were retumed to inventory