Problem II - Journal Entries (15 points) For each situation given below prepare journal entries on the October for BC Company. BC uses a perpetual inventory system. Oct. 5 Paid $15,000 cash for operating expenses that were incurred and properly recorded in the previous period. 8 Purchased merchandise for $12,000 on account. Credit terms: 2/10, n/30. 10 Paid freight bill of $200 for merchandise purchased on October 8. 15 Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled. 20 Sold merchandise for $16,000 to TL on account. The cost of the merchandise sold was $9,500. Credit terms: 2/10, n/30. 25 Issued a credit memo to TL for $1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $600