Prepare journal entries

On September 1, Spacely Sprockets had an inventory of 40 sprockets at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Using the Excel template for question number 21 that you downloaded prior to starting this exam, prepare the appropriate journal entries for Spacely Sprockets. Include sales and cost of goods sold entries if applicable. Use proper format. You do not need to provide an explanation for the journal entries. When finished answering this question, upload your completed worksheet containing your answer. 1. Sept 6 Purchased 70 sprockets at $20 each from Coswell Cogs, terms 2/10, n/30. 2. Sept 9 Paid freight of $70 on the sprockets purchased from Coswell Cogs. 3. Sept 10 Returned 1 sprocket to Coswell Cogs for $20 credit because it did not meet specifications. 4. Sept 12 Sold 40 sprockets for $34 each to Sam's Repair Shop, terms 2/10, n/30. The cost of the sprockets is $18 each. 5. Sept 13 Paid Coswell Cogs what was owed from the Sept 6th purchase. 6. Sept 14 Granted credit of $34 to Sam's Repair Shop for the return of one sprocket that was not ordered. The returned sprocket will eventually be sold to someone else. 7. Sept 21 Received payment in full from Sam's Repair Shop