James Stores, Inc. completed the following transactions during the current year, the company's first year of operations. James Stores has a December 31 year-end. (Click the icon to view the transactions.) Requirements a. Prepare the journal entries required to record the transactions listed above. Assume a perpetual inventory system is used b. Prepare a partial income statement for the current fiscal year. Requirement a. Prepare the journal entries required to record the transactions listed above. Assume a perpetual inventory system is used (Record debits first, then credits. Exclude explanations from any journal entries ) January 16 Purchased $546,000 of merchandise inventory from various suppliers on account (no discount for early payment offered) Account January 16 Transactions - X February 1 Sold merchandise that cost $100,000 for $120,500 on account. The sales tax rate is 8%. Begin by journalizing the sale of the merchandise and the related sales tax. Do not record the expense related to the 1. January 16: Purchased $546,000 of merchandise inventory from various suppliers on account (no discount for early payment offered) 2. February 1: Sold merchandise that cost $100.000 for $120.500 on account The sales tax rate is 8% 3. February 10: Paid half of the January 16 purchases 4. February 16: Paid the remaining balance of accounts payable from the January 16 purchase. 5. March 1: Paid the sales taxes recorded on February 1. 6. June 1: Sold merchandise that cost $212,000 for $300,000 on account The sales tax rate is 8% Account February 1 Print Done Choose from any list or enter any number in the input fields and then continue to the next