A. Tom and Jerry Company uses special journals along with the general journal to record its daily transactions. Using the following abbreviations, identify the appropriate journal in which to record each transaction. (20 points) Sales Journal Purchases Journal Cash Receipts Journal Cash Payments Journal General Journal SJ PJ CR CP GJ Journal 1 Transaction description Sold merchandise on account, $5,800 Collected $3,600 from cash sales 2 3 A customer who had previously purchased merchandise on account returned defective merchandise for credit 4 Purchased inventory on account, $4,680 5 A customer purchased additional inventory on account, credit terms 2/10 n/30, $3,500 6 Closed the income summary account to capital, net income was $65,000 7 Purchased a used copy machine paying $3,200 cash 8 Received a check for $3,210 from a customer who was paying off his account in full 8 9 10 Paid the telephone bill for the month, $230 Purchased office furniture, no money down, with 60 days to pay, $1,850 B. Fill in the missing amounts for each case in the table presented below (2 points/item or total of 16 points) A B C D $ 6,000 $ 7,200 e. $ 9,100 a. 9,000 32,000 1,200 500 C. Beginning inventory Net purchases Freight in Cost of goods avail. for sale Ending inventory Cost of goods sold $32,700 950 45,600 50,000 17,250 g. b. 32,600 5,375 d. 14,850 f. h. 14,800 B. Fill in the missing amounts for each case in the table presented below (2 points/item or total of 16 points) A $ 6,000 B $ 7,200 D $ 9,100 e. a. Beginning inventory Net purchases Freight in Cost of goods avail. for sale Ending inventory Cost of goods sold 9,000 C. 17,250 32,000 1,200 500 50,000 $32,700 950 45,600 g. 14,850 b. 32,600 5,375 d. h. 14,800 C. Use the accounts balances for JP Leather Company as of December 31, 2019. Assume that the company uses a periodic inventory system and all account balances are normal. Purchases $330,000 Sales revenue 470,000 Interest revenue 23,000 Salary expense 45,000 Freight in 17,000 Purchase discounts 31,000 Sales returns and allowances40,000 Interest expense 18,000 Delivery expense 24,000 Sales discounts 27,000 Insurance expense 16,000 Purchase returns and allowances49,000 J. Paul, capital 35,000 Utilities expense 14,000 Depreciation expense-equipment10,000 J. Paul, withdrawals 18,000 The beginning and ending amounts for inventory are $58,000 and $65,000, respectively. Calculate the following for JP Leather Company (show your calculation to get the full credit of 5 points per item) 1. Net sales revenue 2. Net purchases 3. Cost of goods available for sale 4. Cost of goods sold $ 5. Gross margin 6. Operating income 7. Net income II D. Discuss e-commerce and its benefits to the business and the consumer. (30 points)