Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Janes entry.

1: Perpetual

2:Periodic

October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Janes entry.

1: Perpetual

2: Periodic

October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Janes entry.

1: Perpetual

2:Periodic

October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Janes entry.

1: Perpetual

2: Periodic