Journalize the following transactions that occurred in January for Faucet, assuming the perpetual inventory system is being used. No explanations are needed. Identify

each accounts payable and accounts receivable with the vendor or customer name. $($Record debits first, then credits. Exclude explanations from journal entries.

Assume the company uses the gross method to record sales.$)$

View the transactions.

Jan. $2$: Purchased merchandise inventory on account from Sheldon Wholesalers, $$3,500.$ Terms $1/15,$ n$/$EOM$,$ FOB shipping point.Transactions