Problem AII-1B Special journals and subledgers-perpetual lo2, 03 Lavender Gifts and Novelties uses a perpetual inventory system. All sales are on terms of 2/15, n/30. During May, the following selected transactions occurred. Identify into which special journal each transaction should be journalized. Also indicate which subledger(s) is (are) affected. Use the list of codes to label your answers. Assume a perpetual inventory system. Special Journals Sales............ S AR Subledgers Accounts Receivable............. Accounts Payable................. Merchandise Inventory.. No Effect....... Purchases.. P Cash Receipts........... CR Cash Disbursements.......... CD General Journal........... G MI NE Special Journal Subledger(s) Date Transaction May 1 The owner invested an automobile into the business. 2 Sold merchandise and received cash. 3 Purchased merchandise inventory on credit; terms 1/5, n/30. 4 Sold merchandise on credit. 5 The customer of May 4 returned defective merchandise; the merchandise was scrapped. 6 Regarding the May 3 purchase, received a credit memo from the supplier granting an allowance. 15 Paid mid-month salaries. 17 Purchased office supplies on credit; terms n/30. 19 Paid for the balance owing on the May 3 purchase. 22 Received payment on the May 4 sale. 25 Borrowed money from the bank. 29 Purchased merchandise inventory; paid cash. 30 Accrued interest income. 30 Closed all revenue accounts to the Income Summary account