Linzi Distributing Company uses the perpetual inventory system and engaged in the following transactions during February of the current year: (Click the icon to view the transactions.) Required 1. Joumalize the preceding transactions on the books of Linzi Distributing Company 2. Suppose the balance in Inventory was $36,000 on February 1. What is the balance in inventory on February 28? More Info 7 entries.) Feb 3 Purchased office supplies for cash, $23,000, 7 Purchased inventory on credit forms of 3/10, not com, $80,000 8 Returned 25 percent of the inventory purchased on February 7. It was not the inventory ordered 10 Sold goods for cash, $23,000 (cost, $13,800). 13 Sold inventory on credit terms of 2/15, 1/45, for $164,000, less a $16,400 quantity discount offered to customers who purchase in large quantities (cost, 598,400), 16 Paid the amount owed on account from the purchase of February 7, loss the discount and the return 17 Received wrong-sized inventory as a sales return from February 13 sale, $20,000, which is the net amount after the quantity discount. Linz's cost of the inventory received was $12,000 18 Purchased inventory of $176,000 on account Payment terms were 2/10, net 30. 26 Paid supplier for goods purchased on February 18 28 Received cash in full settlement of the account from the customer who purchased inventory on February 13. 28 Purchased inventory for cash $86,000, less a quantity discount of $8,600 plus freight charges of $4.000