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3- Principles of Accounting Assignment Day 11.docx Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual L03 Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufactur ers to bring great style and fit to her customers. Prepare journal entries for March 2017 to record the following transactions. Assume a perpetual inventory system. Mar 2 Purchased jeans from Paiger Denim under the following terms: 54,200 invoice price. 2/15, 1760, FOB shipping poin. 3 Paid $350 for shipping charges on the purchase of March 2 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $400. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount Purchased jeans from Brand under the following terms: $4,600 invoice price. 2/10, 1/30, FOB destination After bref negotiations, received from J Brand a $2,100 allowance on the purchase of March 18. Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance 18 21 28 Bannedina Inimal entrine ne marchandise Sale Transactions_nemetual 12