424 chapter 7 CRITICAL THINKING Continuing Problenm P7-30 Using all journals This problem continues the Canyon Canoe Company situation. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory sys- rem to account for the inventory. During January 2019, Canyon Canoe Company completed the following merchandising transacions: Purchased 10 T-shirts at $4 each and paid cash. 2 Sold 6 T-shirts for $10 each, total cost of $24. Received cash. 3 Purchased 50 T-shirts on account at $5 each. Terms 2/10, n/30. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. 8 Realized 4 T-shirts from the January 1 order were printed wrong and returned them Jan. 1 for a cash refund. 10 Sold 40 T-shirts on account for $10 each, total cost of $200. Terms 3/15, n/45 12 Received payment for the T-shirts sold on account on January 10, less discount. 14 Purchased 100 T-shirts on account at $4 each. Terms 4/15, nv30. 18 Canyon Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $50 purchase allowance. 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and 21 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 2/20, n/30 23 Received a payment on account for the T-shirts sold on January 21, less discount. 25 Purchased 320 T-shirts on account at $5 each. Terms 2/10, n/30, FOB shipping point. 27 Paid freight associated with the January 25 purchase, $48 29 Paid for the January 25 purchase, less discount 30 Sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, n/30. 31 Received payment for the T-shirts sold on January 30, less discount. Requirements 1. Enter the transactions in a sales journal (page 2), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 7), a cash payments journal (page 6), and a general journal (page 4), as appropriate. 2. Total cach column of the special journals. Show that total debits equal total credits in each special journal