Total TASKS: 1. Record the following 2017 transactions, based on a perpetual merchandise inventory system: OCT 7 Purchased $31,200 of merchandise from Shepard Corp. with terms of 1/10,n/30, FOB shipping point, invoice 1777. OCT 13 Sold merchandise with a retail value of $8,400 and a cost of $6,720 to Elite Corp. with terms of 1/10,n/30, FOB shipping point. OCT 15 Paid $1,400 for freight charges on the merchandise purchased on OCT 7 OCT 17 Paid Shepard Corp. for the purchase on OCT 7 OCT 22 Received the balance due from Elite Corp. OCT 26 Sold merchandise with a cost of $9,280 for $11,600 on credit to Hacienda Inc. NOV 23 Sold merchandise with a cost of $5,120 for $6,400 on credit to Grandview Corp.; terms of 1/10,n/30 Dec 9 Received the balance due from Grandview Corp. for merchandise sold on NOV. 23 Dec 25 Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Corp. Dec 30 Sold merchandise with a cost of $2,200 for $4,440 on credit to Decker Corp