As of January 1, the ledger of Sparkles Gift Shop showed Cash $3,070, Inventory $4,070 and Owner's Capital of $7,140. The following transactions occurred during January.

Jan. 6		Purchased t-shirts from Dazzle Co. $1,710, terms 4/10, n/60.
8		Paid freight on Dazzle Co. purchases $91.
12		Received credit from Dazzle Co. for merchandise returned $410.
13		Purchased magnets and other inventory on account from Glitter Sportswear Corporation $946, terms 2/10, n/30.
15		Paid Dazzle Co. in full.
20		Received credit from Glitter Corporation for merchandise returned $146.
23		Paid Glitter Corporation in full.

1) Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

2) Enter the beginning balances in the ledger accounts and post the January transactions using T-accounts. (Post entries in the order of journal entries presented in the previous part. If the ending balance is zero (0), select correct date option from drop down menu and enter 0 for the amount.)