The MEC Store uses a perpetual inventory system. The following transactions occurred during March 2022 1 March 2 Purchased merchandise from Flake Co. for $5,600 under credit terms of 1/15, 1/30, FOB factory 3 Paid $280 for shipping charges on the March 2nd purchase. 5 Sold merchandise to Shingle Co. for $3,700 under credit terms of 2/10, 1/30, FOB shipping point. The cost of the merchandise was $1,780. 6 Received a $1,200 credit memorandum acknowledging the return of merchandise purchased on March 2 7 Shingle co requested a price reduction on the March 5 sale because the merchandise did not meet specifications. Sent Shingle Co. a credit memorandum for $400 to resolve the issue. 8 Received Shingle Co.'s payment of the amount due from the March 5 sale. 13 Paid the balance due to Flake Co. 18 Sold merchandise to a customer for $8,400 cash. The merchandise cost $4,680. 20 Paid $826 March telephone bill. Module 5 (Chapter 5) Assignment Q 1 ED8 W V2 12/19 The MEC Store uses a perpetual inventory system. The following transactions occurred during March 2022: March 2 Purchased merchandise from Flake Co. for $5,600 under credit terms of 1/15, 1/30, FOB factory 3 Paid $280 for shipping charges on the March 2nd purchase. 5 Sold merchandise to Shingle Co. for $3,700 under credit terms of 2/10, n/30, FOB shipping point. The cost of the merchandise was $1,780. 6 Received a $1,200 credit memorandum acknowledging the return of merchandise purchased on March 2. 7 Shingle Co. requested a price reduction on the March 5 sale because the merchandise did not meet specifications. Sent Shingle Co. a credit memorandum for $400 to resolve the issue. 8 Received Shingle Co.'s payment of the amount due from the March 5 sale. 13 Paid the balance due to Flake Co. 18 Sold merchandise to a customer for $8.400 cash. The merchandise cost $4,680. 20 Paid $826 March telephone bill. Instructions: Record the above transactions in the General Joumal data entry form provided in the Learn Assessment Dropbox