Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions and events occurred. Xian Company sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10, n/30. The motors cost Xian $25 each. July 13 Two defective motors were returned to Xian. July 16 Xian Company received payment in full from Slater Brothers. July 23 Instruction: Journalize the above transactions Solution