Please answer all the questions

Question 4 ABCDE Company is a wholesaler and it uses a perpetual inventory system. ABCDE records purchases of goods at gross invoice price method. ABCDE Company had the following transactions:

March 3

Purchased 70 units of merchandise from a supplier on account. Invoice price was

$70 per unit of merchandise. Terms of purchase were 1/11, n/45.

March 5

Sold, on account, 5 units of these merchandise to a customer (CBC Retail Store) at a sales price of $120 per unit. Terms were 5/8, n/30.

March 8

The customer (CBC Retail Store) returned 2 units of merchandise to ABCDE Company because they were of wrong color. ABCDE Company allowed the customer full credit for this return.

March 12

Collected the amount due from the customer (CBC Retail Store).

osing entries at December 31,2022 . Question 4ABCDE Company is a wholesaler and it uses a perpetual inventory system. ABCDE records purchases of goods at gross invoice price method. ABCDE Company had the March 3 Purchased 70 units of merchandise from a supplier on account. Invoice price was following transactions: $70 per unit of merchandise. Terms of purchase were 1/11,n/45. at a sales price of $120 per unit. Terchandise to a customer (CBC Retail Store) Company because they were of wrong color. March 8 The customer (CBC Retail Store) retur customer full credit for this return. March 12 Collected the amount due from the customer (CBC Retail Store)