Purchase Transactions Rogers Company is a merchandising company who buys flip-flops from a supplier for resale. Record the appropriate journal entry for each of the below transactions that Rogers Company would make. 1. On July 1 , Rogers Company purchases $5,000 of flip-flops on account from Sandals Supplier. The credit terms for the purchase are 2/10,n/30. 2. Assume shipping terms are FOB shipping point and Rogers Company paid freight of $50. 3. On July 4 , Rogers Company returns $1,000 of the flip-flops since they were defective. 4. On July 8, Rogers Company pays the amount owed to their supplier, Sandals Supplier Co. 5. After the above transactions take place, what is the final cost of inventory, also known as the net purchase of inventory