Prepare journal entries for the following merchandising transactions for Adanac Industries using both the perpetual and periodic inventory systems. The year end of the business is December 31. Nov 1 Purchased merchandise from Discount Supplies for $3,000 on credit with terms of 1/10, 1/45, FOB shipping point Nov 2 Paid $100 for shipping charges on the purchase from Discount Supplies. Nov 3 Sold merchandise to ABC Ltd. on credit for $3,000 (cost of the inventory is $1,800) terms 2/10,n/end of month, FOB destination. Nov 4 Paid $68 freight charges to deliver the merchandise to ABC Ltd. Nov 10 Paid the balance owing to Discount Supplies from the November 1st purchase, Nov 13 Received the balance owing from ABC Ltd. from the November 3rd sale. Nov 15 ABC Ltd. returned an item from the November 3 sale. The item had sold for $300 and cost $180). The item is damaged and will not be returned to inventory