Peru Company purchased merchandise on account from Carlton Suppliers for $44,000 with terms of 1/15, n/30. During the discount period, Peru returned some merchandise and paid $41,580 as payment in full. Peru uses a perpetual inventory system. Prepare the journal entries that Peru Company made to record the: (1) purchase of merchandise (2) return of merchandise (3) payment on account Murray Company sold merchandise to Ripken Company on account for $88,000 with credit terms of 215, n/45. The cost of the merchandise sold was $66,000. During the discount period, Ripken Company returned $6,000 of merchandise and paid its account in full (minus the discount) by remitting $79,540 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Murray Company made to record the sale of merchandise (2) return of merchandise. (3) collection on account You don't need to know the percentage discount to solve this problem, but you will be able to calculate what it is based on the information provided. You will also be able to calculate the second entry for the sales return based on the information provided