Peach Company uses the periodic inventory system. Record the journal entries for the following transactions: a. On July 16, Peach purchased $11,600 of merchandise from the Apple Corp. with terms, 2/10, n/30. b.Transportation costs were $270 FOB Shipping Point and paid in cash on July 16th. c. On July 19, the Peach returned $700 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 a Description Debit Date 16-Jul Credit To record the purchase of merchandise b Description Debit Credit Date 16-Jul To record the transportation costs Description Debit Credit Date 19-Jul To record returned merchandise d Description Debit Date 22-Jul Credit To record the paid amount due