3) Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019: Aug. 5: Purchased $2,900 of merchandise on account, Freight and credit terms were FOB shipping point, 3/15, n/60. Aug. 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Prepare journal entries for August 10 and 15. Omit explanations.

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Cheese Factory uses a perpetual inventory system. The following activities occurred during May: • May 2 - Cheese Factory purchased $45,000 worth of inventory, on credit terms 3/10 n/30. . May 5 - Cheese Factory returned $5,000 worth of that inventory to the supplier. • May 9 - Cheese Factory paid for the inventory, taking advantage of all available discounts. Required: Prepare the journal entries to record the transactions above using the gross method. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, put your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box.

Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1   Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2   The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5   Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15   Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16   The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17   Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25   Received the balance owing from Irvine Company for the September 15 sale. 30   Paid Hillary Company the balance…