Peach Company uses the periodic inventory system. Record the journal entries for the following transactions: a. On July 16, Peach purchased $23,900 of merchandise from the with terms, 5/10, n/30. b.Transportation costs were $910 FOB Shipping Point and paid in cash on July 16th. c. On July 19, the Peach returned $3,100 of the merchandise purchased on July 16th d. On July 22, Peach paid the balance due Please prepare the journal entries for each of the above 3 transactions using the following accounts: Inventory, Accounts Payable, Cash Date 16-Jul Description To record the purchase of merchandise Date 16-Jul Description To record the transportation costs C Date Description 19-Jul To record returned merchandise d Date 22-Jul Debit Credit Debit Credit Debit Credit Description Debit Credit To record the paid amount due