QUESTION 1 Van Dam Retailer uses the perpetual inventory system to record its inventories. Below are transactions in the month of May 2020 May 6: Purchased inventories, on account, from Best Wholeseller, totaling $150,000. The relevant party paid freight (FOB Destination) for $1,500, by cash. Best Wholeseller offered credit terms of 3/10, n/30 May 8: Van Dam Retailer returned inventories to Best Wholeseller, totaling $30,000. May 10: Van Dam Retailer settled its account with Best Wholeseller. Prepare the Journal Entries in Van Dam Retailer's books