Preparing Journal entries-perpetual system LO P1, P2 Following are the merchandising transactions for Chilton Systems On November 1, Chilton Systems purchases merchandise for exist2,000 on credit with terms of 2/5. n/3 FOB shipping point, invoice dated November 1. On November 5, Chilton Systems pays cash for the November 1 purchase. On November 7, Chilton Systems sells merchandise for exist2, 160 on credit. The cost of the merchandise is exist1, 080. On November 16 the customer returns merchandise from the November 13 transaction. The return items are priced al exist220 and cost exist110: the items were not damaged and were returned to inventory Journalize the above merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system. Record the Chilton Systems purchase of merchandise for exist2,000 on credit with terms of 2/5, n/30, FOB shipping point: invoice dated November 1. On November 5, Chilton Systems pays cash for the November 1 purchase. On November 7, Chilton Systems discovers and returns exist115 of defective merchandise purchased on November 1 for a cash refund. On November 10, Chilton Systems pays exist100 cash for transportation costs with the November 1 purchase. On November 10, Chilton Systems pays exist100 cash for f transportation costs with the November 1 purchase. On November 13, Chilton Systems sells merchandise for f exist2, 160 on credit. The cost of the merchandise is exist1, 080. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at exist220. The returned items cost exist110. The merchandise is returned to inventory