Busi 2221 Hand-out Assignment Chapter 5 Due: October 30, 2019 Question 2 Jan Jenga Company manufactures and sells various kids toys. Jan Jenga is a public company following IFRS and records revenue using the contract-based approach. The company estimated that its product return rate is 15%. Listed below are the transactions for the month of September. Sep. 2 Sold merchandise on account with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination. 7 Paid $ 225 in cash to ship the merchandise sold on September 2. The customer of September 2 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer on account for $ 3,800 that cost $ 2,280; terms 2/10,n/30, FOB destination. Collected the amount owing from the customer of September 2. Sold merchandise to a customer for cash of $ 1,200 that cost $ 720. The customer of September 15 paid the amount owing. 9 15 16 19 22 Instructions a) b) Journalize transactions using the perpetual inventory system. Determine the amount of net sales to be reported on the income statement of Jan Jenga Company