Tango Company engaged in the following transactions in July 2019 Jul 7 Jul 8 Jul 10 Jul 14 Sold merchandise on credit to Mel Florida, terms 2/10, 1/30, FOB shipping point, $12,000 (cost, $7,200). Purchased merchandise on credit from Lysol Company, terms n/30, FOB destination, $24,000. Purchased merchandise on credit from Taya Company, terms 1/30, FOB shipping point, $38,400, including $2,400 freight costs. Sold merchandise on credit to Johnston, terms 1/30, FOB shipping point, $9,600 (cost, $5,760). Returned damaged merchandise received from Lysol Company on July 8 for credit, $2,400. Received check from Mel Florida for her purchase of July 7. Sold merchandise for cash, $7,200 (cost, $4,320). Paid Taya Company for purchase of July 10, including its freight costs. Accepted from Johnston a return of merchandise, which was put back in inventory, $800 (cost, $480). Jul 14 Jul 16 Jul 19 Jul 20 Jul 24 Required: 1. Prepare journal entries to record the transactions, assuming use of the perpetual inventory system. (21 marks) 2. Assuming a large shipment of uninsured merchandise to your company is destroyed when the delivery truck has an accident. Would you want the terms to be FOB shipping point or FOB destination? Explain