Prepare the journal entry for the following transactions for Famous Company Famous Company is a merchandising company that trades in rural devices, Aug 1 Aug 3 Aug 7 Purchased 8,000 BD of merchandise immntory and immediately paid 5,000 BD ch Paid 300BD cash for shipping the merchandise purchased on Aug 3. Sold 7,000 BD worth of merchandise inventory to Reel Company on credit. The agreed selling phoe was 12.000 0 Creates a 4/10, 0, FOB shipping Relief Company paid 200 BD for the transportation fees to the shipment company (NOT Famous Company) Answer in the following format (Note: This is just an example and is not related to the question Jan 1 Dr. Cash 120 Cr. Owner capital 120