Page view A Read aloud 00 Add text Draw Highlight 3. Erase Section 5 Inventory Journal Entries (10 Marks) Fiona's Store had the following transactions during December, the last month of the accounting period: Dec. 1 Sold merchandise on credit for $6,000, cost $4,000 terms 1/10, n/30. 3 4 5 11 15 18 23 24 31 === Purchased merchandise for cash, $900. Purchased merchandise on credit for $4,600, terms 2/10, n/30. Issued a credit memorandum for $500 to a customer who returned merchandise purchased November 29, cost $300. Received payment for merchandise sold December 1 Received a credit memorandum for $500 for the return of faulty merchandise purchased on December 4, Paid freight charges of $100 for merchandise ordered last month Paid for the merchandise purchased December 4 less merchandise returned. Sold merchandise on credit for $8,000, terms 1/10 n/30, cost $6,500. Received payment for merchandise sold on December 24. Required: Prepare general journal entries to record these transactions, using a perpetual inventory system