Page 1 SUFFOLK COMMUNITY COLLEGE TEST 2 Prof. Mark A merchandiser, following the perpetual inventory system, has the following transactions during August, 2017: Amount $300,000 25 Transaction Purchased inventory on account Paid for transportation of goods purchased Returned defective merchandise to the seller Paid for goods purchased on August 5 Aug. 5 Aug. 9 Aug. 10 Aug. 15 26,000 Credit terms of invoice are 2/15, n/45. Give journal entries for the above transactions