Journal entries for merchandise transactions - perpetual system webster company was established on july 1. its sales terms are 2/10, n/30. credit terms for its purchases vary with the supplier. selected transactions for the first month of operations are given below. unless noted, all transactions are on account and involve merchandise held for resale. webster co. uses the perpetual system. july1 purchased goods from dawson inc $2,500; terms 1/10, n/302 purchased goods from penn co, $4,500; terms 2/10, n/303 paid freight on shipment from dawson, $3005 sold merchandise to ward, inc. $1,400 ($1,100 cost)5 paid freight on shipment to ward, inc $90 (delivery expense)8 returned $500 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 $200 ($150 cost)10 paid dawson inc the amount due10 purchased goods from dorn company with a list price of $2,600. terms 2/10, n/3011 paid freight on shipent from dorn co., $15015 sold merchandise to colby corporation, $3,200 ($2,400 cost)16 mailed a check to penn company for the amount due on its july 2 invoice18 received an allowance of $200 from dorn company for defective merchandise purchased on july 1019 paid dorn company the amount due25 received the amount due from colby corp. prepare the necessary journal enteries for the webster company15 recd the amount due from ward inc.