please create journal entries using:

- accounts payable

-accounts receivable

- cost of goods purchased

- cost of goods sold

- good available for sale

- merchandise inventory

- sales

- sales returns and allowances

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. ecord joumal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FiFO. All sales and purchases are made on account, and no ciscounts are offered