PROBLEM 2: GIVE THE JOURNAL ENTRIES OF THE FOLLOWING TRANSACTIONS. All purchases have a credit term of 2/10, n/30 while all sales have a credit term of 3/15, n/60. July 1 Purchased merchandise from A Company for $300,000. 2 Purchased merchandise from B Company for $100,000 5 Sold merchandise to C Company for $50,000. The cost of merchandise if $40,000. 7 Returned $3,000 of the merchandise purchased from A Company. 8 C Company returned merchandise worth $2,000. The cost of merchandise was $1,600. 9 Sold merchandise to D Company, $50,000 at 75% cost of sales. 10 Paid the purchase from A Company. 11 Paid the purchase from B Company. 19 Received payment from C Company for the sold merchandise. 20 Received payment from D Company