Prepare Journal Entries to Record the Following Merchandising Transactions of Margin

Prepare journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10, n/30.
$\begin{array}{|l|l|}\hline \text { May 3 } & \begin{array}{l}\text { Sold merchandise to Sting Company for } \$ 5,600, \mathrm{FOB} \text { shipping point, } \\\text { invoice dated May 4. The merchandise had cost } \$ 3,000 .\end{array} \\\hline \text { May 8 } & \begin{array}{l}\text { Sold merchandise to Skeet Company for } \$ 3,300, \mathrm{FOB} \text { shipping point, } \\\text { invoice dated May 8. The merchandise had a cost of } \$ 1,500 .\end{array} \\\hline \text { May 13 } & \text { Received the balance due from Sting Company within the discount period. } \\\hline \text { May 14 } & \begin{array}{l}\text { Issued a credit } \$ 300 \text { credit memorandum to Skeet Company for an } \\\text { allowance on defective merchandise. }\end{array} \\\hline \text { May 17 } & \text { Received the balance due from Skeet Company within the discount period. } \\\hline\end{array}$