EXERCISE 3-Perpetual Inventory System Journal Entries (15 pts.) umalize the following transaction for the month of January Copa Company uses a dorpetual inventory system and the Cost of Goods Sold is 50% of sales. During January, the following transactions and events occurred an. 4 Purchased merchandise from Stephen Co, for $10,000, FOB Shipping Point, terms Jan. 5 Paid freight of $300 on merchandise purchased from Stephen Co. Jan 10 Sold merchandise to Corona Co. $6.000, terms 2/15, 130. Granted credit to Corona Co for $1,000 for merchandise returned from the sale of 2/10, n/30. Jan. 10 Jan. 13 Paid Stephen Co. in full. Jan. 22 Received payment in full from Corona Co. Copa Company General Jurnal Account Titles & Explanation Red Debit Credit