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.) Jul 10: Wholesale Furnishings returned $2,000 of the merchandise purchased on July 4. The goods cost M and P Furniture Warehouse $500. Start by recording the receivable portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will do this in the next journal entry.)