Oceana Art Supply Company uses a perpetual inventory system. Record the following transactions during August 2019: (12 points) Aug. 5: Purchased $4,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60 Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug 10: Sold $8,000 of merchandise on account to Tipsy Art, credit terms 2/10, 1/30. Cost of goods sold is $5.000. Aug. 10: Returned $900 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Received payment from Tipsy (within the discount period). Aug 17: Paid (within the discount period) for the merchandise purchased on Aug. 5