Prepare general journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/05, n/20.

May 2	Purchased merchandise from Bow Company for $15,200 under credit terms 2/10, n/30, FOB shipping.
May 3	Sold merchandise to Sting Company for $6,500, FOB shipping point, invoice dated May 4. The merchandise had cost $3,000.
May 6	Paid Bow Company the balance due within the discount period.
May 8	Received the balance due from Sting Company within the discount period.