Problem 1 The following transactions took place for loe's TV Shop for the month of April 2018. Joe's TV shop inventory system. uses the perpetual Step 1: Record the following transactions in journal entry format. 1. April 3 - Purchased televisions from Samsung on account at a total cost of $650,000, terms 2/10, n/30. The televisions were shipped FOB shipping point, and the freight cost was $1,000, which was paid in cash. 2. April 5-Sold televisions costing $250,000 for $390,000 to ABC Company on account. levisions had cost Joe's TV shop April 7-ABC Company returned 10 televisions that were damaged. The te $5,000 and were sold for $7,750. Joe's TV Shop issued a credit to ABC Company. 3. April 8-Purchased additional televisions from Samsung on account at a total cost of $30,000, terms 1/10, n/30. 4. The televisions were shipped FOB destination, and the freight cost was $500, which was paid in cash. 5. April 9 - Returned televisions to Samsung because they were damaged (from April 3 purchase). Received a credit of $15,000 from Samsung