merchandising entries

Island Ladies Wear (ILW) is a retail merchandiser of ladies' clothing. You are the accountant of ILW. The company utilizes a perpetual inventory system. REQUIRED: Prepare the journal entries necessary to record the following transactions: Date Transactions Jan. 3 Purchased merchandise from Maxx Fashion $90,000 under credit terms of 1/10, n/30, FOB shipping point. Jan. 4 Sold merchandise to the Nova Scotia Health Authority for $50,000 under credit terms of 2/10 n/30, FOB destination. The merchandise had cost $36,000. Jan.6 Paid freight charges of $500 related to the Jan. 3 purchase. Jan. 12 Paid Maxx Fashions the amount due for the Jan 3 purchase. Jan. 13 Collected the amount due from the Nova Scotia Health Authority