Question 2 Merchandise Inventory (15 marks) The following are selected transactions of Finlayson Enterprises which sells bikes. Finlayson uses the perpetual method of recording inventory transactions. May 5 Purchased merchandise (bikes) on account from Ready Co., $5,000 plus 5% GST, terms FOB shipping point, 2/10, n/30. Freight costs of $100 to be paid by responsible party. May 6 Sold bikes to a customer on credit for $15,000, plus 5% GST and 7% PST. The cost of the bikes to Finlayson is $7,500.. May 12 Returned $1,500 of bikes to Ready Co, from the purchase on May 5. Make sure to include the GST you paid in the entry. May 14 Paid Ready Co. for invoice of May 5, less the return of May 12 and discount. The discount only applies to the inventory (not the tax) May 15 Sold $1,600 of bikes on account to Wheeler Co., plus 5% GST and 7% PST, 2/10,n30. The cost of the bikes sold was $800. May 20 Received a $6,000 note receivable from Chainbreak Company in settlement for an outstanding accounts receivable balance. May 21 Wheeler Co. retuned $600 of bikes bought May 15 for credit. The bikes were returned to inventory. Make sure to include sales taxes in the credit to Wheeler May 24 Wheeler Co. paid their accountless the return and discount. The discount does not apply to sales tax May 24 Wheeler Co. paid their accountless the return and discount. The discount does not apply to sales tax. Required: Record the above transactions in the following general journal