Prepare the appropriate journal entries for each transaction under a perpetual inventory system.

Accounting Inventory Mad Libs 1) On the 1st day of December, shepherds' shoe store ordered inventory. They purchased 100 pairs of tennis shoes at $25 each on account, terms 3/15, n/30. 2) On the 3rd of the month, they returned 12 pairs that were the wrong style for credit. 3) On the 22 of the month, they paid for the purchase. (note discount period) 4) The first week, the store sold 12 pairs for $50 each in cash sales. 5) On the 10th, a sale of 30 pairs of shoes for $50 each was made to the razorbacks's basketball teams on account, terms 2/10, n/30. 6) 4 pairs of shoes were returned from a previous month sale that had a sales price of $50 per pair and a cost of $25 per pair. 7) The school paid for the purchase on the 16th of the month. Record the receipt of cash. (note discount period) 8) shepherd's purchased an additional 50 pairs of tennis shoes on the 20th from Nike on account at a cost of $25 per pair with terms 2/10, net 30. 9) On the 22nd, they paid $60 cash for freight in on the latest purchase. 10) The company recorded cash sales for an additional 22 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system