P5.2(LO2,3,5) Vree Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Vree showed Cash of 8,000 and Share Capital-Ordinary of 8,000. Apr. 2 Purchased merchandise on account from Walker Supply 66,200, terms 1/10, n/30. 4 Sold merchandise on account 5.500, FOB destination, terms 1/10,n/30. The cost of the merchandise sold was 3,400 5 Paid 240 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 5 oo. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, C5Oo. 18 Purchased merchandise from Benjamin Glassware 4,500, FOB shipping point, terms 2/10,n/30. 20 Paid freight on April 18 purchase C160. 23 Sold merchandise for cash C7,400. The merchandise sold had a cost of C4,120. 26 Purchased merchandise for cash C2,3 oo. 27 Paid Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise 690 . The returned merchandise had a net realizable value of C3. 30 Sold merchandise on account 3,400, terms n/30. The cost of the merchandise sold was 1,900. Vree's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. Instructions a. Journalize the transactions using a perpetual inventory system. b. Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Use J1 for the journal reference.) c. Prepare the income statement through gross profit for the month of April 2025. c. Gross profit 6,765 Prepare financial statements and adjusting and closing entries