PART II Q25 to Q29 (52 points) 25) Serene Spa Sales uses the perpetual inventory system and the gross method of accounting f purchases and sales, and had the following transactions during August. (14 points) Aug 1 10 15 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2.010. Received payment for merchandise sold August 1. Received a credit memorandum from the seller for the return of defective merchandise purchased on August 4 for $600. Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased August 4 less the portion that was returned. Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900. Received payment for merchandise sold on August 24. 23 24 31 Required: Prepare the general journal entries to record these transactions