Required information PB6-1 (Static) Reporting Purchase Transactions between Wholesale and Retail Merchandisers Us Perpetual Inventory Systems (LO 6-3] [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRL a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU = with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions bet two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $125,000. The merchandise had cost SSG $94,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SS agreed to give an allowance of $3,000 to SRU. SRU also returned some sporting goods, which had cost SSG $ and had been sold to SRU for $16,500. No further returns are expected. c. Just three days later SRU paid SSG, which settled all amounts owed. PB6-1 (Static) Part 2 2. Prepare the journal entries that SRU would record. (If no entry is required for a transaction/event, select "No Journa Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the inventory purchased of $125,000 on account. View transaction list Journal entry worksheet < 1 2 3 Record the return of unsatisfactory merchandise for which credit was given. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 2 Record the payment in full. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal