Requirement 2. Journalize these transactions on the books of M and P Furniture Warehouse, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Wholesale Furnishings purchased $8,000 of merchandise from M and P Furniture Warehouse on account. Terms, 4/15, n/30. FOB shipping point. The goods cost M and P Furniture Warehouse $3,000. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.)