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Problem 2B (14 marks; 20 minutes) - The following merchandising transactions are for Melisandre Merchandising April 1 Purchased merchandise on credit from Bolton Co., terms

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Problem 2B (14 marks; 20 minutes) - The following merchandising transactions are for Melisandre Merchandising April 1 Purchased merchandise on credit from Bolton Co., terms 1/10, 1/15, $40,000. April 6 Sold merchandise on credit to Ellaria, terms 2/10, 1/45, $26,000, April 8 Received $1,000 credit memorandum for merchandise purchased on April 1. April 9 issued a credit memorandum to the customer of April 6 granting an allowance of $2,000 due to damage during shipment. April 11 Paid for the merchandise purchased on April 1. April 13 Received payment for the merchandise sold on April 6. Required: Prepare general journal entries to record these transactions, using a periodic inventory system

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