AP7-6(Appendix 78) Recording Sales and Purchases with Cash Discounts and Returns (P7-11) LO7-52 The following transactions were selected from those occurring during the month of January of the current year for Dan's Store Ltd. A wide variety of goods is offered for sale Credit sales are extended to a few select customers; the usual credit terms are n/EOM (end of the month). The cost of sales is always one-half of the gross sales price a Sales to customers Cash, $228,000 Credit, $72,000 & Unsatisfactory merchandise returned by customers: Cash, $3,000 Credit, $2,000 c. Purchased merchandise from vendors on credit, with terms 2/10, n/30: Amount billed by Amy Supply Company. $4,000 Amount billed by other vendors, $68,000 Paid freight on merchandise purchased. $1,500 cash e Collections on trade receivables, $36,000 Paid accounts payable in full during the period as follows: Amy Supply Company after the discount period, $4,000 il Paid other vendors within the discount period. $66,640 Paid $1,000 for two new laptop computers for the office Required: Prepare journal entries for these transactions, assuming that a periodic inventory system is used.