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2 . Tara s Treasures uses the Perpetual Inventory Method. She sells her inventory to her customer on Accounts Receivable, with 2 / 1 0

2. Taras Treasures uses the Perpetual Inventory Method. She sells her inventory to her customer on Accounts Receivable, with 2/10, Net/30 payment options.
Tara had the following entries during December 2023:
a. Tara purchases $40,000 in Inventory from Keiras Karts Company on Account Payable, Terms FOB Shipping Point, 1/10, Net/30
b. Tara pays $500 in shipping costs
c. Tara sells Inventory to Noelles Napkin Company for $30,000 on Accounts Receivable, the Inventory Cost $15,000. FOB Destination.
d. Tara pays the Delivery (Shipping) Expenses for the sale to Noelle.
e. Tara returns Inventory for $5,000 back to Keira
f. Tara pays Keira within the 10 day discount period.
g. Noelle returns $6,000 of the sale back to Tara, the Inventory returned cost $3,000.
h. Noelle pays Tara within the 10 days discount period:
REQUIRED:
i. Record the entries in the Journal
ii. What is the ending balance in Inventory and Cost of Goods Sold.

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