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Q1: Adam Brothers Supply uses a perpetual inventory system. During May, the following transactions and events occurred Purchased 6 motors at a cost of $40

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Q1: Adam Brothers Supply uses a perpetual inventory system. During May, the following transactions and events occurred Purchased 6 motors at a cost of $40 each from Yara Company, terms 1/10, n/30. The motors cost Yara Company $25 each. May 13 May 16 Returned 1 defective motor to Yara May 23 Paid Yara Company in full. Instructions Journalize the May transactions for Adam Brothers. You may omit explanations. Q2: Prepare the necessary journal entries to record the following transactions, assuming Mera Company uses a perpetual inventory system. (a) Purchased $35,000 of merchandise on account, terms 2/10, n/30 (b) Returned $500 of damaged merchandise for credit (c) Paid for the merchandise purchased within 10 days. Q3: Prepare the necessary journal entries to record the following transactions, assuming Darby Company uses a perpetual inventory system (a) Darby sells $50,000 of merchandise, terms 1 /10, n/30. The merchandise cost $30,000. (b) The customer in (a) returned $5,000 of merchandise to Darby. The merchandise returned cost $3,000 Darby received the balance due within the discount period. (c)

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