QS 5-6 Merchandise purchase transactions-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system. May 1 Purchased $1,200 of merchandise inventory; terms 1/10, n/30. Paid for the May 1 purchase. 14 15 30 Purchased $3,000 of merchandise inventory: terms 2/15, n/30. Paid for the May 15 purchase, less the applicable discount. QS 5-7 Merchandise purchase: allowance-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system. Aug. 2 Purchased $14,000 of merchandise inventory; terms 1/5, n/15. 4 17 Received a credit memo from the supplier confirming a $1,500 allowance regarding the August 2 purchase. Paid for the August 2 purchase, less the allowance. QS 5-8 Merchandise purchase: trade discount, return-perpetual L03 Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Mar. 5 7 15 Purchased 500 units of product with a list price of $5 per unit. The purchaser was granted a trade discount of 20% and the terms of the sale were 2/10, n/60. Returned 50 defective units from the March 5 purchase and received full credit. Paid the amount due resulting from the March 5 purchase, less the return on March 7 and applicable discount.