Question 1 (14 marks) Rocky's Outdoor Adventures (ROC) is a retailer of sporting equipment and outdoor apparel. The following transactions occurred for ROC during the month of August 2020: Date August 5 August 6 August 6 August 11 Transaction Description Purchased $7,200 of inventory on account from Champ Enterprises. The invoice terms were 2/15, n/60. Paid $156 to ship the goods that were purchased on August 5 from Champ Enterprises. ROC determined that $600 of the goods shipped on August 5 were damaged. ROC returned these goods to Champ Enterprises. Sold $13,300 of products to Chatterly Collegiate Institute. The invoice terms were 2/10, n/30. The merchandise had a cost of $6,800 to ROC. Purchased $640 of office supplies from North Co. with cash. Sent Chatterly Collegiate a credit memo for $400 for goods that did not meet the customer's specifications. Paid the balance owing to Champ Enterprises from the August 5 purchase. Received a cheque from Chatterly Collegiate in full payment of their account The merchandise inventory account had an ending balance of $67,400. A physical count of inventory was done and an inventory balance of $65,775 was reported. August 12 August 15 August 18 August 21 August 31 Required: Prepare journal entries for each of the above transactions, assuming that ROC has a perpetual inventory system