Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. May 1 Purchased merchandise with a price of $1,160 and credit term of a/10. Bay 1 Returned merchandise that had a price of $200. May 31 Paid the amount due from the Hay 1 perchase, ainus the May 7 return. View transaction t Journal entry worksheet 1 2 3 Purchased merchandise with a price of $1,160 and credit terms of n/30. Note Enter dets before credits Date May 01 General Journal Debit Credit Journal entry worksheet < 1 2 3 Returned merchandise that had a price of $280. Note: Enter debits before credits. Date May 07 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Paid the amount due from the May 1 purchase, minus the May 7 return. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal