Dr. O b. 0 Cash Recording Inventory Purchases and Sales on Account Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $14,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $72 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $5,600 of inventory during the first week of January 2020, to customers for $10,000, with a sales tax rate of 5%. Of the total sales for the week, 30% are cash sales, and 70% are credit sales (n/30). c. On January 14, 2020, Shoppers Inc. pays the balance for purchases on account. d. Assume instead that Shoppers Inc. sells $6,000 of inventory during the first week of January 2020 to customers for $11,200, which includes a 5% sales tax. Of the total sales for the week, 30% are cash sales, and 70% are credit sales. Record the sales entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Cr. a. Jan. 1, 2020 Inventory , 28,144 X Accounts Payable 0 28,000 X Cash 144 x To record purchase of inventory Jan. 7, 2020 Accounts Receivable 0 x Sales Revenue 0 Sales Taxes Payable OX To record sale of merchandise Jan. 7, 2020 Cost of Goods Sold 11,200 X x Inventory 0 11.200 x To record cost of sale of merchandise c. Jan. 14, 2020 Accounts Payable 28.000 x Cash 27,720 X Inventory 280 x To record payment on account d. Jan. 7, 2020 Accounts Receivable 15,680 X Cash 6.720 X Salaries Expense X 21.280 x Sales Taxes Payable 1.120 X To record sale of merchandise Jan. 7, 2020 Cost of Goods Sold 12000 x Inventory . 12.000 x To record cost of sale of merchandise