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Prepare the necessary general journal entries for the following transactions. Use a perpetual inventory system. May 2 Purchased merchandise from Tiger Company under the following

Prepare the necessary general journal entries for the following transactions. Use a perpetual inventory system. May 2 Purchased merchandise from Tiger Company under the following terms: S4.600 price, invoice dated May 2. credit terms 2/15. n/60. FOB shipping point. May 4 Returned to Tiger Company unacceptable merchandise that had an invoice price of S600. May 10check to Tiger Company for the May 2 purchase. May 15 Sold merchandise costing SI.500 to Lion Company for $2,500. credit terms 2/10, rv30

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