The following information was presented by the bookkeeper for NorthWave Inc. for the month of August, 2010. Purchased $223,500 of inventory on account from Beta Wholesalers, terms 2/10, net 30 Aug A portion of the inventory purchased from Beta Wholesalers was defective. NorthWave returned $490 worth of inventory 10 the supplier. Aug Sold $102,300, of products to South Shore on account, terms 2/10, net 30; cost of goods sold was $40,920 for this 12 transaction. Aug South Shore returned $2,046 of goods purchased on account. The cost of goods sold for the returned inventory is $1,228. 14 1979 Purchased goods from EastCoast Trading Inc. on account for $16,800 with terms of 3/10, net 30. Aug Some of the inventory purchased from EastCoast Trading Inc. was slightly damaged. NorthWave decided to keep the 18 inventory, but will receive a $780 allowance. Aug Sold $47,300, of products to West Island on account, terms 2/10, net 30; cost of goods sold was $18,920 for this 19 transaction Aug West Island discovered some scratches on some of the products they purchased on Aug 19. They will keep the product 20 and NorthWave will offer a $260 allowance. Paid the amount owing to Beta Wholesalers. Remember to account for the return. 21 Aug Received payment from South Shore. Remember to account for the return. Aug Received payment from West Island. Remember to account for the allowance and discount Paid the amount owing to East Coast Trading Inc. Remember to account for the allowance and discount. 25 A count of inventory shows that $760 is missing. Make a journal entry to record the inventory shrinkage. Required Prepare the journal entries to record the above trans actions sume the company perpetual inventory Do not enter dollar signs or commas in the input boxes Round your answers to the nearest whole number. For transactions that have 2 debits or 2 credits, enter the S / O / Date Aug 8 Account Title and Explanation Cost of Goods Sold Inventory / Purchased inventory on acc / / Aug 10 Accounts Receivable Aug 12 Record sales on account Aug 12 Record cost of goods sold for the above sale Aug 14 Record customer return Aug 14 Aug 17 Purchased inventory on account Aug 18 Received an allowance for damaged inventory Aug 19 Record sales on account Aug 19 Record cost of goods sold for the above sale Aug 20 Gave allowance to customer Aug 21 Paid account in full Aug 23 Received payment from customer Aug 24 Received payment from customer Aug 24 Received payment from customer Aug 25 Paid account in full Aug 31 Record inventory shrinkage