Using the information in perlodic inventory system. Exercise 5-20 Recording journal entries for merchandise purchase transactions-periodic LO Using the information in Exercise 5-3, prepare journal entries to record the March transactions assuming a periodic inventory system Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual LO Prepare journal entries for March 2014 to record the following transactions for a retail store. Assume a perpetual inventory system Mar. 2 Purchased merchandise from Blanton Company under the following terms 54,200 involce price, 2/15, n/60, FO8 factory price of 3400 returned merchandise and applicable discount $9,600 invoice price, 2/10, n/30, FO8 destination. the purchase of March 18. discount and the allowance. 3 Pald $350 for shipping charges on the purchase of March 2 4 Returned to Blanton Company unacceptable merchandise that had an invoice 17 Sent a cheque to Blanton Company for the March 2 purchase, net of the 18 Purchased merchandise from Fleming Corp, under the following terms 21 After brief negotiations, received from Fleming Corp.a $2,100 allowance on 28 Sent a cheque to Fleming Corp, paying for the March 18 purchase, net of the