Albert Wesker is the owner of Umbrella Manufacturing. He has hired you to update the transactions for his business. Charles has provided you with the opening balances and a list of transactions for the month of January, Umbrella use the perpetual inventory system. Jan 1 Bought $8,300 of inventory on account Jan 2 Made a $6.120 cash sale to customer Jan 2 Recorded the COGS for the above sale worth $3,672. Jan 10 Prepaid insurance for $1,896 for one year. Jan 14 Paid a supplier's account balance off for $720 Jan 19 Sold inventory for $5.540 to a customer on account Jan 19 Recorded the COGS for the above sale worth $3.324. Jan 22 Obtained a $7.300 loan from the bank Jan 25 Purchased equipment with $6,400 cash Jan 27 Received the telephone bill worth $180. Paid it immediately. Prepare the journal entries for the above transactions. Do not enter dollar signs or commas in the input boves. Date Account Title and Explanation Debit Credit Jan 1 Merchandise Inventory 8300 Accounts Payable 8300 Purchased inventory on account Jan 2 Cash . 6120 6120 Accounts Receivable . Sold product to customer for cash Cost of Goods Sold . [Jan 2 3672 3672 Merchandise Inventory To record COGS on sale of inventory Jan 10 Insurance Expense . 1896 Cash 1896 To record the prepayment of insurance Accounts Payable . Jan 14 720 Cash 720 To record payment to reduce accounts payable Merchandise Inventory Jan 19 5540 Cost of Goods Sold 5540 Sold product to a customer on account Jan 19 Cost of Goods Sold 3324 3324 Merchandise Inventory To record COGS on sale of inventory Depreciation Expense o Jan 22 7300 7300 Accounts Payable To record the loan from the bank Jan 25 Equipment 6400 . 6400 Accounts Payable To record purchase of equipment Telephone Expense Jan 27 180 Accounts Payable . 180 To record payment for telephone bill