Part 1: Prepare Revolution Co. journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. Revolution Co. purchases $64,000 of inventory on account, terms 2/10 net 30 from Likins Company. b. Revolution Co. returns $3,650 of inventory to Likins Company from the initial purchase. c. Revolution Co. pays the balance owed to Likins Company, taking the discount. Recording Sales of Merchandise (new scenario) d. Coronado Co. sells merchandise on account for $8,425 (terms 3/10 net 30) to Titanium Co. The merchandise had cost Coronado Co. $2,250. e. Titanium Co. returns $775 of the merchandise to Coronado Co. Assume this returned merchandise had cost Coronado Co. $430. f. Titanium Co. pays Coronado Co. the balance owed within 10 days of the sale