4 A F K L M N 1 2 3 a 4 LO 6 b 3/2 8 3/5 10 d 3/6 e 3/8 2 Make Journal entries for the following transactions for the Hat Store 3/1 Hat Store buys hats on account for $4,400 from a distributor with terms FOB shipping point and payment 2/10 net 30 Paid freight on the purchase from 3/1 cash $100 Sold 20 hats to a baseball team for $600 on account 3/10 net 30. The cost of the hats was $200 Hat store returned 3 damaged hats, related to 3/1 purchase and received a $200 credit Paid the distributor for the purchase in #1 in full and took the discount. Remember to subtract the discount.. Hat store bought more hats for $5,500, cash. No freight cost Received payment from the customer for merchandise sold on 3/5. Customer took the discount. Hat store sold 50 hats for 1200 cash. Terms are FOB destination. The cost of the 50 hats was $500 3/10 The Hat store paid freight on the 3/9 sale $100 cash Customer from 3/9 sale returned 5 hats and we gave them cash back of $120. The cost on those hats was $50 DATE Account Debit Credit 12 13 14 15 16 17 18 f OC 3/8 3/9 3/9 i 3/11 19 20 3 For the above transactions create an Income statement for March just down to the Gross Profit 22 23 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 Revenue less Discounts less Returns & Allowances Net Revenue Cost of Goods Sold Gross Profit