urnalize purchase transactions. 5.3 (LO 2). AP Olaf Corp, uses a perpetual inventory system. The company had the following inventory transactions in April. Apr. 3 Purchased merchandise from DeVito Ltd. for $28,000, terms 2/10,n/30, FOB shipping point. 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,000 from Lomax Industries. 8. Returned merchandise to Devito and recelved a credit of $3,500. The merchandise was returned to inventory for futu 30 Paid the amount due to DeVito in full. Instructions Record the above inventory transactions on Olaf's books. Journalizes sales transactions