Pace Distributing Company completed the following merchandising transactions in the month of April.Apr. 2 Purchased merchandise on account from Monaghan Supply Co. $6,900, terms 1/10, n/30.Sold merchandise on account $6,500, FOB destination, terms 1/10, n/30. The cost o Sold merchandise sold was $3,900. of the5 Paid $240 Freight on April 4 sale.6 Received credit from Monaghan Supply Co. for merchandise returned $500.11 Paid Monaghan Supply Co. in full, less discount.13 Received collections in full, less discounts, from customers billed on April 4.14 Purchased merchandise for cash $3,800.16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Dominic Distributors $4,500, FOB shipping point, terms 2/10, n/30.20 Paid freight on April 18 purchase $100.23 Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120.26 Purchased merchandise for cash $2,300.27 Paid Dominic Distributors in full, less, discount.30 Sold merchandise on account $3,700, terms n/30. The cost of the merchandise sold was $2,800.Instructions(a) Journalize the transactions using a perpetual inventory system.