Continuing Problem Part 1 P5-49 Journalizing and posting purchase and sale transactions This problem continucs the Canyon Canoe Company siruation from Clag the beginning of the new year, Canyon Canoe Company decided to T shirts with its logo printed on them. Canyon Canoe Company uses the inventory system to account for the inventory During January 2019,Ca Company complered the following merchandising transactions Jan. 1 Purchased 10 T-shirts at $4 each and paid cash 2 Sold 6 T-shirts for $10 each, total cost of $24 Received cash 3 Purchased 50 T-shirts on account at $5 each Terms 2/10, nv/3 7 Paid the supplier for the T-shirts purchased on January 3, les 8 Realized 4 T-shirts from the January 1 order were printed wrong and returned them for a cash refund 10 Sold 40 T-shirts on account for $10 each, total cost of $200 Terms 2nt n/45 Received payment for the T-shirts sold on account on J discount 12 anuary 10, les 14 Purchased 100 T-shirts on account at $4 each. Terms 4115, /30 18 Canyon Company called the supplier from the January 14 purchase an told them that some of the T-shirts were the wrong color The supple offered a 550 purchase allowance 20 Paid the supplier for the T-shirts purchased on January 14, less the 21 Sold 60 T-shirts on account for $10 each, total cost of $220 Terms 22 23 Received a payment on account for the T-shirts sold on January 21, les 25 Purchased 320 T-shirts on account at $5 each. Terms 2/10, n/30, FOB allowance and discount n/30 discount shipping point 27 Paid freight associated with the January 25 purchase, $48 29 Paid for the January 25 purchase, less discount 30 Sold 275 T-shirts on account for $10 each, total cost of $1,300 Ter 31 Received payment for the T-shirts sold on January 30, less discour n/30. Requirements 1. Open the following T-accounts in the ledger, using the post-ong hal Chapter 4: Cash, Accounts Rcovable. Merchandise Inventor Inventory, Office Supplies, Prepaid Rent, Land, Building Accumuliad Canoes, Ualines Payable, Telephone Payable, Wages Payable, Refiunds Paabie Payable, Unearned Revenuc, Notes Payable, Wilson, Capital Income Sales Revenuc, Canoe Rental Revenue, Cost of Goods Sold, Rent Expe Expensc, Uiailinies Expense, Telephone Expensc, Supplics Expene Jounalize and post the transactions Compute each account the balance as 2 Omit esplanations