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Please do problem 1 and 2 Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2012. Menke purchased merchandise

image text in transcribedPlease do problem 1 and 2
Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2012. Menke purchased merchandise inventory at a cost of $30,000. Credit terms were 2/10, n/30. The inventory was sold on account for $40,000 on January 21, 2012. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2012, and the accounts receivables were settled on January 30, 2012. Prepare journal entries to record each of these transactions. Presented here are selected transactions for the Leiss Company during April, Leiss uses the perpetual inventory system. April 1 Sold merchandise to Mann Company for $5.000. terms 2/10, n/30. The merchandise sold had a cost of $2.500. 2. Purchased merchandise from Wild Corporation for $6.000, terms 1/10, n/30. 4 Purchased merchandise from Ryan Company for $1.000, n/30. Received payment from Mann Company for purchase of April 1 less appropriate discount. 11 Paid Wild Corporation for April 2 purchase

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