Retailer Company had the following transactions occur during May 2020: 1. Purchased $10,000 of inventory on account, terms 2/10, net 30, FOB shipping point 2. Sold $3,000 of inventory to a customer for $5,000 on account, terms 2/20, net 30 3. Paid for the inventory purchased in transaction I/1, less the discount as it was paid within the discount period. 4. Received payment from the customer in transaction W2, less the discount, as it was paid by the customer within the discount period. Required: Prepare the necessary journal entries for the above transactions assuming that Retailer uses the Perpetual Method of inventory as studied in class. Note: Since a chart of accounts is not provided, please ensure that it is clear regarding what type of account you are debiting and credit, such as sales revenue, inventory, COGS expense, shipping expense, etc. Explanations are not needed under each entry Format BIU Trans # Account Debit Credit #1