Journalist and PS-2A Olal Distributing Company completed the following merchandising transactions in the para month of April At the begining of April, the lodget of Olat showed Cash of 59.000 and MO 15025 Capital of 50.000 GES Apr.2 Purchased merchandise on account from Dakota Supply Co $1,900, terma 1/10,30 Peace 4 Sold merchandise on account $5.500, FOB destination, terma 1/106.30. The cost of the merchandise sold was $4,100 5 Paid $240 freight on April 4 sale Received credit from Dakota Supply Co for merchandise returned 590 Il Pald Dakota Supply Co. in full, les discount 13 Received collections in till loss discounts, from customers billed on April 4 44 Purchased merchandise for cash 53.800 716 Received refund from supplier for returned goods on cash parchase of April 4,5500 # Purchased merchandise from Skywalker Distributors $4.500 FOB shipping point terms 2/10,30 20 Paid freight on April 15 purchase $100 /23 Sold merchandise for cash 56,400. The merchandise sold had a cost of $5,120 /26 Purchased archandise for cash $2,300 27 Paid Skywalker Distributors in full, les discount 29 Mado refunds to cash customers for defective merchandise 580. The returned mer chandise had a scrap value of $30 30 Sold merchandise on account 53,700, term w30. The cost of the merchandise sold 52.800 Olat Company's chart of accounts includes the following No. 101 Cash, No. 112 Account Receivable No 120 Merchandise Inventory, No 201 Accounts Payable, No. 301 M. Ola, Capital No 401 Sales, No 412 Sales Returns and Allowance No 414 Sales Discount Nasos Cost of Goods Sold, and No 614 Freight-out Instructions (a) Journalize the transactions using a perpetual inventory system (b) Enter the beginning cash and capital balances and post the transactions (Uses for the jour nal reference) id Gross profit 53.485 () Prepare the income statemen ement through grous prodit for the month of April 2010