Record the journal entries for the selected transactions encountered by Rainbow Inc. during February 2021. Rainbow Inc. uses a perpetual inventory system. 01-Feb Purchased merchandise on account from Paint Hub Ltd. at a cost of $55,000, terms 2/10, n/30, FOB shipping point. Freight charges of $850 were paid by the appropriate party on the 02-Feb February 1 purchase of merchandise. (Enter n/a in each blank for this transaction if no journal entry is required). Returned for credit $2,000 of damaged goods purchased from PaintHub 03-Feb Ltd. on February 1. Sold the remaining merchandise purchased from Paint Hub to Colour4Life 10-Feb Corp. for $98,000 on account, terms n/30, FOB shipping point. No returns from customers are expected. (Note: 2 entries required, start with the sales-entry) 11-Feb Paid the outstanding amount to PaintHub Ltd. (Enter n/a if you don't need the provided answer fields (Blanks) for your answer). Requirement: Make the journal entries to record the transactions above. Please fill out the blanks below. After submitting the exam, upload your calculations to the dropbox. 01-Feb: Blank #1: debit account Blank #2: credit account Blank #3: $-amount 02-Feb: Blank #4: debit account Blank #5: credit account Blank #6: $-amount 03-Feb: Blank #7: debit account Blank #8: credit account Blank #9: $-amount 10-Feb (Sales): Blank #10: debit account Blank #11: credit account Blank #12: $-amount 10-Feb (COGS): Blank #13: debit account Blank #14: credit account Blank #15: $-amount 11-Feb: Blank #16: debit account Blank #17: credit account 1 Blank #18: $-amount 1 (higher amount) Blank #19: credit amount 2 Blank #20: $-amount 2 (lower amount)