2. Prepare journal entries to record the following transactions of the XYZ Company. July 1 Purchased goods from the Alfa Company for $3,000, 3/15, n/30. 2 Sold goods to Beta Co. for $900, 2/10, n/60. 8 Sold $3,500 of goods for cash. 9 Purchased goods from the Delta Co. for $4,200, 5/7, n/15. 11 Received $600 cash from the return of goods purchased on July 9. 12 Received the balance due from the Beta Co. for the credit sale dated July 2, net of the discount. 15 Paid the balance due to the Alfa Company within the discount period. 20 Sold goods to Gamma Co. for $1,650, 1/10, n/60. 21 Granted a $150 to Gamma Co. for an allowance on goods sold on July 19. 24 Paid the Delta Co. the balance. 30 Received the balance due from the Gamma Co. for the credit sale dated July 19, net of the discount. 31 Close all returns, allowances and discounts. 3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Item A B D Quantity Unit Cost When on Hand Acquired 100 $30 80 25 35 55 75 40 Replacement Cost (market) at year end $20 28 58 35 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies) b. Sold 15 units of Item A at $25 each and written-off 5 units of Item D. Make necessary journal entries