Jeaner Distributing Company uses the perpetual inventory system and engaged in the following transactions during October of the current year (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of JeanerDistributing Company. 2. Suppose the balance in Inventory was $24,000 on October 1 . What is the balance in inventory on October31? More info October 3 Purchased office supplies for cash, $27,000. October 7 Purchased inventory on credit terms of 3/10, net eom, $96,000. October 8 Returned 18 percent of the inventory purchased on October 7 . It was not the inventory ordered. October 10 Sold goods for cash, $27,000 (cost, $14,040 ). October 13 Sold inventory on credit terms of 2/15,n/45, for $141,000, less a $14,100 quantity discount offered to customers who purchase in large quantities (cost, $73,320 ). October 16 Paid the amount owed on account from the purchase of October 7 , less the discount and the return. October 17 Recelved wrong-sized inventory as a sales return from October 13 sale, $12,400, which is the net amount after the quantity discount. Jeaner's cost of the inventory received was $6,448. October 18 Purchased inventory of $178,000 on account. Payment terms were 2/10, net 30 . October 26 Paid supplier for goods purchased on October 18. October 28 Received cash in full settlement of the account from the customer who purchased inventory on October 13. October 31 Purchased inventory for cash, $88,000, less a quantity discount of $8,800, plus freight charges of $3,200