ve er Compally was es on July 1. Its Sales terris are Credit terms for its purchases vary with the supplier. Selec Unless noted, all transactions are on account and involve merchandise held for resale. Webster Company uses the perpetual inventor July 1 Purchased goods from Dawson, Inc., $2,500; terms 1/10, n/30. 2. Purchased goods from Penn Company, 54,800; terms 2/10, 1/30, 3. Paid freight on shipment from Dawson, S160. 5 Sold merchandise to Ward, Inc., 51,900 (51,575 cost) 5 Paid freight on shipment to Ward, Inc., $120. (Hint debit Delivery Expense) 8 Returned 5600 worth of the goods purchased July 1 from Dawson, Inc., because some goods were damaged. Dawson approved the return. 9 Received returned goods from Ward, Inc., worth $300 (5260 cost) 10 Paid Dawson, Inc. the amount due. 10 Purchased goods from Dorn Company with a list price of $3,000. Terms 2/10,0/30. 11 Paid freight on shipment from Dorn Company, 5190. 15 Received the amount due from Ward, Inc. 15 Sold merchandise to Colby Corporation, $3,800 ($3,000 cost) 16 Malled a check to Penn Company for the amount due on its July 2 irvoice, 18 Received an allowance of $200 from Dorn Company for defective merchandise purchaed on July 10. 19 Paid Dorn Company the amount due. 25 Received the amount due from Colby Corporation Required Prepare the necessary journal entries for the Webster Company