Question 7: On May 3, Elite Media purchased $55,000 of merchandise terms 2/15,n/30, from JP Analytics Company. Assume that Elite Media uses the perpetual inventory system. Show your work in the space provided to receive credit. 1. What account is debited on May 3 when the merchandise is purchased? 2. On May 10, Elite Media returned $5,000 of the merchandise purchased. What account is debited on May 10 for the return? 3. Elite Media pays the balance due on May 16; how much is paid to JP Analytics Company