Jan 8 Purchased $226,200 of inventory on account from Beta Wholesalers, FOB shipping point, terms 2/10, net 30. Jan 8 NorthWave paid $190 cash to have the merchandise from Beta Wholesalers delivered. Jan 10 A portion of the inventory purchased from Beta Wholesalers was defective. NorthWave returned $120 worth of inventory to the supplier. Jan 12 Sold $94,800 of products to SouthShore on account, FOB destination, terms 2/10, net 30; cost of goods sold was $37,920 for this transaction. Jan 12 Paid $70 cash to ship the goods to SouthShore. Jan 14 SouthShore returned $1,896 of goods purchased on account. The cost of goods sold for the returned inventory is $1,138. Jan 17 Purchased goods from EastCoast Trading Communications on account for $14,500 with terms of 3/10, net 30. Jan 18 Some of the inventory purchased from EastCoast Trading Communications was slightly damaged. NorthWave decided to keep the inventory, but will receive a $300 allowance. Jan 19 Sold $55,700 of products to West Island on account, terms 2/10, net 30; cost of goods sold was $22,280 for this transaction. Jan 20 West Island discovered some scratches on some of the products they purchased on Jan 19. They will keep the product and NorthWave will offer a $480 allowance. Jan 24 Received payment from West Island. Remember to account for the allowance and discount. Jan 25 Paid the amount owing to EastCoast Trading Communications Remember to account for the allowance and discount. Jan 31 A count of inventory shows that $370 is missing. Make a journal entry to record the inventory shrinkage.