Prepare journal entries to record the following merchandising transactions of Caravell Company, which applies the perpetual inventory system May 2 Purchased merchandise from Havel Co. for $10,000 under credit terms of 1/15, n/30, FOB shipping poin invoice dated May 2. 4 Sold merchandise to Heather Co. for $11,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated May 4. The merchandise had cost $5,600. 5 Paid $250 cash for freight charges on the purchase of May 2. 12 Received a $400 credit memorandum from Havel Co. for the return of part of the merchandise purchased on May 2. 22 Issued a $400 credit memorandum to Heather Co. for an allowance on goods sold from May 4. 14 Received the balance due from Heather Co. for the invoice dated May 4, net of the discount. 17 Paid the balance due to Havel Co. within the discount period