Use the Excel spreadsheet provided to record the necessary journal entries for each transaction listed below.

Ensure that you follow the format of date, account titles, and explanation.

Submit your Excel file with all transactions properly recorded and the Inventory and Cost of Goods Sold accounts updated accordingly.

Transactions to Record:

January $5$: Purchased $100$ units of inventory on account for $$20$ each, terms $2/10,$ n$/30.$

January $8$: Returned $10$ units of inventory from the January $5$ purchase due to defects.

January $12$: Sold $60$ units of inventory on account for $$40$ each, terms $1/15,$ n$/45.$

January $14$: Received payment for the January $12$ sale within the discount period.

January $18$: Paid the supplier for the inventory purchased on January $5$ within the discount period.