Question 4 The following merchandising transactions took place for Mao Corporation. Asume EROIDNE Aug 1: Sold merchandise to Ikko Company for $7.500, terms 2/15, 130. Aug 2: Purchased merchandise from Michael Corporation for $16,075, terms 2/106.30 Aug 3: Gave credit to Ikko Company for merchandise returned, $3,200. Aug 15: Received amount owed from Ikko Company for balance of August 1 purchase. Sept 3: Paid Michael Corporation in full for purchase of August 2. REQUIRED: Prepare the journal entries for Mao Corporation