J & G Merchandising sells a variety of household items including a variety of clocks. The business began the first quarter (January to March) of 2019 with 20 (SeikoQH No06 GLH) non-chiming clocks at a total cost of $126,800. The business completed the following transactions relating to that brand and model during the quarter. January 8 105 clocks were purchased at a cost of $6,022 each. In addition the business paid a freight charge of $518 cash on each clock to have the inventory shipped from the point of purchase to their warehouse. January 31 The sales for January were 85 clocks which yielded total sales revenue of $768,400. ( 25 of these units were sold on account to longstanding customers) February 4 A new batch of 65 clocks was purchased at a total cost of $449,800 February 10 February 28 March 4 8 of the clocks purchased on February 4 were returned to the supplier, as they were not of the model ordered. During the month 58 clocks were sold at a price of $9.780 each A customer, to whom 9 clocks were sold during the first business day of February, returned 3 of the clocks, as they were of the Bulova brand. Owing to an increased demand, a further 120 clocks were purchased at a cost of $8,000 each; these were subject to a trade discount of 2.5% each. 130 clocks were sold during March at a unit selling price of $10,500. An actual count of inventory was carried out which revealed that there were 26 units of the SeikoQH No06 GLH brand of merchandise in the store room. March 10 March 31 March 31 Unless otherwise stated, assume that all purchases were on account and received on the dates stated. ) (SYPIIT ili) yuder neu Malul 31, 2014. Journalize the January transactions, assuming the company uses a: Periodic inventory system - Perpetual inventory system (7 marks) . ... . . . ...... . . .. . ... . PART A (iii) J&G MERCHANDISING General Journal Entries Perpetual System Periodic System Jan. 8 Purchase A/Cs Payable Inventory Jan. 31 Sale Of Inventory