sellihg expensc. C) It is the transportation cost on purchases. D) It is the transportation cost on sales. PROBLEMS Problem#1 15 POINTS) Journalize the following transactions for Park Gift Shop. Explanations are not required. Park uses a perpetual inventory system. Mar. 5: Purchased $4,400 of merchandise inventory on account, 3/10, n/EOM and FOB shipping point. Mar. 9: Returned $700 of defective merchandise purchased on March 5. Mar. 11: Paid the freight bill of $250 on the March 5 purchase. Mar. 12: Sold merchandise inventory on account for $5,200., 2/15, n/30. These goods cost the company $3,700. Mar. 14: Paid amount owed on credit purchase of March 5, less the return and the discount Mar. 30: Received cash from the March 12 customer in fiull settlement of the debt. Required: Prepare the general journal entries to record these transactions Mar 5 Debit Credit Date Description Debit Credit Description Date Mar 9 Debit Credit Description Date Mar 11 Credit Debit Description Date Mar 12