On May 11, 2023, Wilson Purchasing purchased $25,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $20,000. Wilson paid $1,500 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $4,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,200. On May 20 , Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. Journal entry worksheet Note: Enter debits before credits. b. Present the journal entries that Happy Sales should record for these transactions. Assume that Happy uses a perpetual inventory system. Journal entry worksheet 345 Record sale of merchandise on account; 3/10,n/90. Note: Enter debits before credits. Analysis Component: Assume that the buyer, Wilson Purchasing, borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 4% and paid it back on the last day of the credit period. Calculate how much the buyer saved by following this strategy. (Use a 365-day year. Round intermediate calculations and final answer to 2 decimal places.)