Nomad is a retailer of hiking products. The business uses the perpetual method to record inventory.

An extract of the account balances at 30 November 2021 follows:

$

Bank overdraft 9,000

Accounts receivable 8,000

Inventory 50,000

Accounts payable 7,000

Capital 60,000

In the month of December 2021, Nomad has the following transactions:

1^st December Paid $5,000 of the November accounts payable balance.

2^nd December Purchased 50 items at $400 each on account from supplier, terms

3/10, net 30.

5^th December Sold on account 30 items at $800 each (cost $400 each), terms 2/10, net 30.

6^th December Paid $4,800 for advertising for 1 January to 31 December 2022.

7^th December Customer of 5 December returned 8 items.

8^th December Cash sales $8,000 (cost $4,000).

12^th December Received payment in full from customer of 5 December.

31st December A physical stock-take shows a loss of 2 items that cost a total of $800.

REQUIRED:

Prepare the general journal entries to record all the above transactions.