On May 11, 2023, Wilson Purchasing purchased $26,000 of merchandise from Happy Sales; terms 2/10, n/90,...

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On May 11, 2023, Wilson Purchasing purchased $26,000 of merchandise from Happy Sales; terms 2/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $21,000. Wilson paid $1,600 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $4,200 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,400. 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 assuming a periodic inventory system. View transaction list On May 11, 2023, Wilson Purchasing purchased $26,000 of merchandise from Happy Sales; terms 2/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $21,000. Wilson paid $1,600 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $4,200 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,400. 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 assuming a periodic inventory system. View transaction list