Problem 7: Merchandising Transactions (12 points) Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2012, Menke purchased merchandise inventory at a cost of $30,000. Credit terms were 2/10, n/30. The inventory was sold on account for $40,000 on January 21, 2012. Credit terms were 1/10, n/30. The accounts payable was paid on January 23, 2012, and the accounts receivables was collected on January 30, 2012. Prepare journal entries to record each of these transactions. 10