Prepare journal entries to record the following merchandising transactions for both the seller (BMX) and buyer (Sanuk). May 4 BMX sold $1,500 of merchandise on account to Sanuk, terms FOB shipping point, n/45, invoice dated May 4 . The cost of the merchandise was $900. May 6 Sanuk paid transportation charges of $30 on the May 4 purchase from BMX. May 8 BMX sold $1,000 of merchandise on account to Sanuk, terms FOB destination, n/30, invoice dated May 8 . The cost of the merchandise was $700. May 10 BMX paid transportation costs of $50 for delivery of merchandise sold to Sanuk on May 8. May 16 BMX issued Sanuk a $200 credit memorandum for merchandise returned. The merchandise was purchased by Sanuk on account on May 8 . The cost of the merchandise returned was $140. May 18 BMX received payment from Sanuk for purchase of May 8. May 21 BMX sold $2,400 of merchandise on account to Sanuk, terms FOB shipping point, 2/10, n /EOM. BMX prepaid transportation costs of $100, which were added to the invoice. The cost of the merchandise was $1,440. May 31 BMX received payment from Sanuk for purchase of May 21 , less discount (2%$2,400)