Recording Purchases-Perpetual System On july 1, Hernandez, Inc, purchased merchandise for $2,500, with terms of 1/40,n/30. On july 5 , the firm returned $1,000 of the merchandise to the seller. Payment of the account occurred on fuly 8 . Hernandez uses the perpetual inventory system. Required a. Prepare the journal entries for July 1, july 5 , and july 8 . b. Assuming that the account was paid on july 14 , prepare the joumal entry for payment on that date