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During January 2017, Express Lane Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18.000

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During January 2017, Express Lane Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18.000 o Jan 1: Paid 12 months insurance in advance for $10.800. Jan 2: Purchased 400 units of inventory for 34,000s from Great Company, on terms, 3/10, n/eom Jan & Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13.500 which includes also freight charges Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $80 of cost each) o jan 20: Received payment from Shine Company, settling the amount due in full. Jan 23:50ld 40 units on account, $6,000 ($150 each) for cash to Bridget Company. Jan 26 Owner withdrew cash of 18,000s Jan 27: Purchased supplies for cash of $7,000.

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