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: 56,500 price, invoice cated March 1 credit terms of 2/10, 1/60, and FOB shipping point (1 masks) March 2: Returned to Alpha Company unacceptable merchandise that had an invoice price of $500. (11 marks) March 10: Sent a check to Alpha Company for the March I purchase, net of the discount and the rehimed 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)