EXERCISE 3 (25 points) Philosophic Co. is an office supply store. The company uses a perpetual inventory system. Record the following transactions in the company's general journal. To conserve space, you may omit the written explanations which normally should accompany the entries. July 1 Purchased four Lorac copying machines on account from Lorac Corp. Total invoice price was 2,500 per machine (10,000 total); terms of 2/10, n/30. These machines are intended for resale. July 3 Found one of the Lorac copiers to be defective and returned it to Lorac, thus reducing the amount owed. July 9 Sold one of the Lorac copiers to Morris Realty. The sales price was 3,500, terms 2/10, n/60. July 17 Paid the amount owned to Lorac Corp. July 24 Received full payment from Morris