HOMEWORK Kylie runs a boutique business in downtown Manhattan. On December 1, 2019, Kylie had the following account balances: Cash $15,000 Inventory $5,000 Owner's capital $20,000 The following transactions occurred during December: Dec 4 Purchased scarves from Edward for $400 with FOB shipping point, terms 2/10, n/60. 5 Paid freight costs of $10 for the purchase from Edward. Purchased and received dresses from Annie, $700 with FOB destination point, terms n/30. Freight costs of $70 was paid by Annie. 10 Returned a $50 flawed scarf to Edward. 12 Paid Edward in full, less discount. 20 Sold a scarf to a customer for $50. The cost of the scarf is $40. The cash payment was received immediately. 22 Sold dresses on account to Shine Boutique for $1,000, terms 2/10 n/30. The cost of the dresses sold is $500. 25 Shine Boutique returned some dresses worth $200. The cost of those dresses was $100. 28 Received full payment from Shine Boutique, less the discount. Kylie's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 411 Sales Discounts, No. 412 Sales Returns and Allowances, and No. 501 Cost of Goods Sold. Instructions: a. Journalize December transactions using a perpetual inventory system. b. Enter the beginning balances in the ledger accounts and post the December transactions. c. Prepare a trial balance on December 31, 2019