On Jan 1, Company had an inventory of 100 shovels at a cost of $25 each. The company uses a perpetual inventory system. During January, the following events and transactions occurred. Journalize the entries in the general journal of Company on the following page. (23 points)

Jan 2 Paid $1,200 for next 6 months rent on office space.

Jan 4 - Sold 50 shovels for $60 each to Field Goods, terms 3/5, n/30.

Jan 5 - Freight on the May 4 sale was $20, FOB Destination, paid in cash by the appropriate party.

Jan 7 - Sold Land company doesnt need that cost $10,000 for $10,000.

Jan 9 - Purchased 40 shovels at $25 each from Columbia Company, terms 1/10, n25.

Jan 12 - Received credit for the return of 8 shovels purchased on May 9.

Jan 13 - Received payment in full from Field Goods.

Jan 15 - Freight on the May 9 purchase was $80, FOB Shipping Point, paid in cash by the appropriate party.

Jan18 - Paid Columbia Company in full.

Jan 31 - Company estimates that $180 of sales may be returned at a cost of $75.