Cowan Distributing Company uses the perpetual ventory system and engaged in the following transaction during November of the current year; Click the icon to view the transactions) Required 1. Joumalize the preceding transactions on the books of Cowan Distributing Company 2 Sect. The balance in Inventory was $12.000 on November 1. What is the balance in wory on November 30? More Info nal entries.) Nov 3 Purchased office supplies for cash, $25,000 7 Purchased inventory on credit forms of 3/10, not com $86,000 8 Returned 25 percent of the inventory purchased on November 7. it was not the inventory ordered 10 Sold goods for cash, $35.000 (cost 521,000) 13 Sold inventory on credit terms of 2/15, 6/45, for S162,000, less a $16,200 quantity discount offered to customers who purchase in large quantities (cost $97,200) 16 Paid the amount owed on account from the purchase of November 7 less the discount and the return 17 Received wrong-sized inventory as a sales return from November 13 sale $26,000, which is the net amount after the quantity discount Cowan's cost of the inventory received was $15,600. 18 Purchased inventory of S172,000 on account Payment terms were 210, net 30 26 Paid supplier for goods purchased on November 18. 28 Received cash in full settlement of the account from the customer who purchased inventory on November 13 30 Purchased inventory for cash. $94.000, less a quantity discount of $9,400, plus fraight charges of $2,800