The followings are the merchandise transactions happened under perpetual inventory system 1) Jul1, business bought $5,100 inventory from the MCS Inc. Term 2/10, n/30 FOB 2) Jul2, business bought $2,200 inventory from DCP Inc. paid in Cash 3) Jul3. Business paid \$235 shipping charges for the inventory purchased on Jul1 4) Jul8, Business purchased $6,300 inventory from Time's Inc. Term 2/10, n/30 FOB 5) Jul12, business found $125 defective units from the Jul8 purchase,returned them back to Time's Inc. 6) Jun15 business paid MCS Inc in full 7) Jul30, Business paid Time's Inc in full 8) Instead of paying Time's Inc on Jul30, What would be the entry if the business was paying Time's Inc on Jul18. Please make entries for the above transaction there is any calculated related entry, please also show the detailed calculations