Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system is used.

March 1: Purchased merchandise from Alpha Company under the following terms: $6,500 price, invoice dated March 1, credit terms of 2/10, n/60, and FOB shipping point. (1 marks)

March 2: Returned to Alpha Company unacceptable merchandise that had an invoice price of $500. (1 marks)

March 10: Sent a check to Alpha Company for the March 1 purchase, net of the discount and the returned merchandise. (1 mark)

March 15: Sold merchandise for $4,000, granting the customer terms of 2/10, EOM; invoice dated March 15. The cost of the merchandise is $2,400. (2 marks)

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