Exercise 10: Garden Company engaged in the following transactions in October 2010. Oct 1 Sold merchandise on credit to Ernie Devlin, terms n/30 FOB shipping point, $1,050 (cost $ 630) Oct 2 Purchased merchandise on credit from Ruland Company, terms n/30, FOB shipping point, $1,900. Oct 2 Paid Jay Custom Freight $ 145 for freight charges on merchandise received. Oct 6 Purchased store supplies on credit from Arizin supply House, terms n/30 $ 318. Oct 9 Purchased Merchandise on credit from LNP Company, terms n/30, FOB shipping point, $1,800, including 4 100 freight costs paid by LNP company. Oct 11 Accepted from Ernie Devlin a return of merchandise, which was returned to inventory, $150(cost,$90) Oct 14 Returned for credit $ 300 of merchandise received on October 2. Oct 15 Returned for credit $100 of store supplies purchased on October 6. Oct 16 Sold merchandise for cash,$500(cost $300) Oct 22 Paid Ruland Company for purchase of October 2, less return of October 14. Oct 23 Received full payment from Ernie Devlin for his October 1 purchase, less return on October 11. Required: .Prepare entries in journal form to record the transactions assuming the Perpetual inventory system is used. Exercise 6 Using the following data, prepare an income statement for Martin;s Hardware for the month ended February 28: Cost of goods sold $30,000 General and administrative expenses 8,000 Net sales 50,000 Selling expenses 7,000 Exercise:8 Concord products uses a perpetual inventory system. On January 1 the inventory account had a balance of $84,500. During the few days of January the following transactions occurred: Jan 2 Purchased merchandise on credit from smith company for $9,200. Jan 3 Sold merchandise for cash $22,000. The cost of this merchandise was $14,300. Prepare entries in general journal form to record the above transactions. What was the balance of the inventory account at the close of business January 3? Exercise 10: Garden Company engaged in the following transactions in October 2010. Oct 1 Sold merchandise on credit to Ernie Devlin, terms n/30 FOB shipping point, $1,050 (cost $ 630) Oct 2 Purchased merchandise on credit from Ruland Company, terms n/30, FOB shipping point, $1,900. Oct 2 Paid Jay Custom Freight $ 145 for freight charges on merchandise received. Oct 6 Purchased store supplies on credit from Arizin supply House, terms n/30 $ 318. Oct 9 Purchased Merchandise on credit from LNP Company, terms n/30, FOB shipping point, $1,800, including 4 100 freight costs paid by LNP company. Oct 11 Accepted from Ernie Devlin a return of merchandise, which was returned to inventory, $150(cost,$90) Oct 14 Returned for credit $ 300 of merchandise received on October 2. Oct 15 Returned for credit $100 of store supplies purchased on October 6. Oct 16 Sold merchandise for cash,$500(cost $300) Oct 22 Paid Ruland Company for purchase of October 2, less return of October 14. Oct 23 Received full payment from Ernie Devlin for his October 1 purchase, less return on October 11. Required: .Prepare entries in journal form to record the transactions assuming the Perpetual inventory system is used.