Question Five: (8 marks) Red Sea Company completed the following merchandise transactions in the month of July July 1 Purchased merchandise on account from Gulf Company 4200 JD terms 2/10 n30. FOB shipping point July 2 Paid freight costs of 200 JD on merchandise purchased from gulf company July 3 Sold merchandise on account 2300 JD to Liverpool company terms 1/10 n30. The cost of merchandise sold was 1300 JD. Return merchandise to Gulf company for 500 JD. Receive collections from Liverpool company July 11 Paid the balance to Gulf Company July 19 Purchased merchandise cash for 4800 from apple company Requirement: Prepare the journal entries to record these transactions on the books of Red Sea Company July 5 July 9 Good luck