Homework: Ch 5 Homework Score: 15.58 of 20 pts 11 of 11 (11 complete) Problem 5-3A (similar to) Omega Distributing Company uses the perpetual inventory system and engaged in the following transactions during January of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Omega Distributing Company. 2. Suppose the balance in Inventory was $34,000 on January 1. What is the balance in inventory on January 31? Requirement 1. Journalize the transactions on the books of Omega Distributing Company January 3. Purchased office supplies for cash, $25,000. (Record debits first, then credits. Exclude explanations from journal entries.) More Info - X Journal Entry Date Accounts Debit Credit Jan Jan 3 Purchased office supplies for cash, $25,000. 7 Purchased inventory on credit terms of 3/10, net eom, $92,000. 8 Returned 25 percent of the inventory purchased on January 7. It was not the inventory ordered. 10 Sold goods for cash, $29,000 (cost, $17,400). 13 Sold inventory on credit terms of 2/15, n/45, for $156,000, less a $15,600 quantity discount offered to customers who purchase in large quantities (cost, $93,600). 16 Paid the amount owed on account from the purchase of January 7, less the discount and the return. 17 Received wrong-sized inventory as a sales return from January 13 sale, $18,000, which is the net amount after the quantity discount. Omega's cost of the inventory received was $10,800. 18 Purchased inventory of $174,000 on account. Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on January 18. 28 Received cash in full settlement of the account from the customer who purchased inventory on January 13 31 Purchased inventory for cash, $88,000, less a quantity discount of $8,800, plus freight charges of $2,800. Print Done Homework: Ch 5 Homework Score: 15.58 of 20 pts 11 of 11 (11 complete) Problem 5-3A (similar to) Omega Distributing Company uses the perpetual inventory system and engaged in the following transactions during January of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Omega Distributing Company. 2. Suppose the balance in Inventory was $34,000 on January 1. What is the balance in inventory on January 31? Requirement 1. Journalize the transactions on the books of Omega Distributing Company January 3. Purchased office supplies for cash, $25,000. (Record debits first, then credits. Exclude explanations from journal entries.) More Info - X Journal Entry Date Accounts Debit Credit Jan Jan 3 Purchased office supplies for cash, $25,000. 7 Purchased inventory on credit terms of 3/10, net eom, $92,000. 8 Returned 25 percent of the inventory purchased on January 7. It was not the inventory ordered. 10 Sold goods for cash, $29,000 (cost, $17,400). 13 Sold inventory on credit terms of 2/15, n/45, for $156,000, less a $15,600 quantity discount offered to customers who purchase in large quantities (cost, $93,600). 16 Paid the amount owed on account from the purchase of January 7, less the discount and the return. 17 Received wrong-sized inventory as a sales return from January 13 sale, $18,000, which is the net amount after the quantity discount. Omega's cost of the inventory received was $10,800. 18 Purchased inventory of $174,000 on account. Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on January 18. 28 Received cash in full settlement of the account from the customer who purchased inventory on January 13 31 Purchased inventory for cash, $88,000, less a quantity discount of $8,800, plus freight charges of $2,800. Print Done