Jones Distributing Company uses the perpetual inventory system and engaged in the following transactions during December of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Distributing Company. 2. Suppose the balance in Inventory was $32,000 on December 1. What is the balance in inventory on December 31? More Info Dec 3 Purchased office supplies for cash, $17,000. 7 Purchased inventory on credit terms of 3/10, net eom, $90,000. 8 Returned 25 percent of the inventory purchased on December 7. It was not the inventory ordered. 10 Sold goods for cash, $33,000 (cost, $19,800). 13 Sold inventory on credit terms of 2/15, n/45, for $164,000, less a $16,400 quantity discount offered to customers who purchase in large quantities (cost, $98,400). 16 Paid the amount owed on account from the purchase of December 7, less the discount and the return. 17 Received wrong-sized inventory as a sales return from December 13 sale, $28,000, which is the net amount after the quantity discount. Jones's cost of the inventory received was $16,800. 18 Purchased inventory of $166,000 on account. Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on December 18. 28 Received cash in full settlement of the account from the customer who purchased inventory on December 31 13. Purchased inventory for cash, $94,000, less a quantity discount of $9,400, plus freight charges of $2,200. ur answers to the nearest whole dollar.) Print Done