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nting for Merchandising Operations Instructions a. Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. b. Assume that Kerber Co. paid the balance due to Wilkes Company on May 4 instead of April 15. Prepare the journal entry to record this payment. E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Purchased 90 calculators at $22 each from York. Paid freight of $90 on calculators purchased from York Co. Returned 3 calculators to York Co. for $69 cash (including freight) because they did not meet specifications Sold 26 calculators costing $23 (including freight) for $31 each on account to Sura Book Store, terms n/30 Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered Sold 30 calculators costing $23 for $32 each on account to Davis Card Shop, terms n/30. Sept. 6 9 10 12 14 20 Instructions