Part II - Journal Entries (20 points) For each situation given below prepare the October General Journal for Border Company. Border uses a perpetual inventory system. Oct. 5 Paid $26,000 cash for operating expenses that were incurred and properly recorded in the previous period. 8 Purchased merchandise for $20,000 on account. Credit terms: 2/10,n/30. 10 Paid freight bill of $340 for merchandise purchased on October 8. 15 Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled. 20 Sold merchandise for $30,000 to Ted Ford on account. The cost of the merchandise sold was $19,500. Credit terms: 2/10, 1/30. Issued a credit memo to Ted Ford for $2,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $1,300. 25