Taras Treasures uses the Perpetual Inventory Method. She sells her inventory to her customer on Accounts Receivable, with 2/10, Net/30 payment options.

Tara had the following entries during December 2023:

a. Tara purchases $40,000 in Inventory from Keiras Karts Company on Account Payable, Terms FOB Shipping Point, 1/10, Net/ 30 b. Tara pays $500 in shipping costs c. Tara sells Inventory to Noelles Napkin Company for $30,000 on Accounts Receivable, the Inventory Cost $15,000. FOB Destination. d. Tara pays the Delivery (Shipping) Expenses for the sale to Noelle. e. Tara returns Inventory for $5,000 back to Keira f. Tara pays Keira within the 10 day discount period. g. Noelle returns $6,000 of the sale back to Tara, the Inventory returned cost $3,000. h. Noelle pays Tara within the 10 days discount period:

REQUIRED:

i. Record the entries in the Journal ii. What is the ending balance in Inventory and Cost of Goods Sold.