Prepare the journal entries for the following transactions. On January 2^nd, the Jackson Co. purchased $80,000 of inventory on account. Discount terms 2/10, net 60; FOB shipping point. On January 10, the Jackson Co. returned $5,000 of inventory that was damaged. On January 12, the Jackson Co. paid the balance due for the inventory purchase from January 2^nd. On January 15, the Jackson Co. paid freight charges in the amount of $3,000 as a result of shipping terms specified as "FOB shipping point." On January 10^th, the Jackson Co. sold three basketballs at a selling price of $30 per ball, for a total of $90 cash. The Jackson Co. purchased the basketballs from their supplier for $20 each. Assume the same information from Question #5, now the customer returns 1 basketball. On Jan. 20^th, the Jackson Co. sold 3 basketballs at a regular price of $30 per ball. Jackson Co. is currently offering a 10% discount for all cash sales. Jackson Co. purchased the balls for $20 each from the spike Co