what is the answer of requirement 2

October 3 Purchased office supplies for cash, \$29,000. October 7 Purchased inventory on credit terms of 3/10, net eom, $80,000. October 8 Retumed 25 percent of the inventory purchased on October 7 . It was not the inventory ordered. October 10 Sold goods for cash, $23,000 (cost, \$13,800). October 13 Sold inventory on credit terms of 2/15,n/45, for $162,000, less a $16,200 quantity discount offered to customers who purchase in large quantities (cost, $97,200 ). October 16 Paid the amount owed on account from the purchase of October 7 , less the discount and the return. October 17 Received wrong-sized inventory as a sales retum from October 13 sale, $12,400, which is the net amount after the quantity discount. Cowan's cost of the inventory recoived was $7,440. October 18 Purchased inventory of $170,000 on account. Payment terms were 2/10, net 30 . October 26 Paid supplier for goods purchased on October 18. October 28 Received cash in full settlement of the account from the customer who purchased inventory on October 13. October 31 Purchased inventory for cash, $100,000, less a quantity discount of $10,000, plus freight charges of \$2,200. Cowan Distributing Company uses the perpetual inventory system and engaged in the following transactions during October of the current year: (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Cowan Distributing Company. 2. Suppose the balance in inventory was $34,000 on Oclober 1 . What is the balance in inventory on October 31 ? Requirement 1. Joumalze the transactions on the books of Cowan Distributing Company October 3. Purchased office supplies for cash, 529,000 . (Record debits first, then credits. Exclude explanations from joumal entries.) Cowan Distributing Company uses the perpetual inventory system and engaged in the following transactions during October of the-current yea (1) (Click the icon to view the transactions.) Required 1. Joumalze the preceding transactions on the books of Cowan Distributing Company. 2. Suppose the balance in inventory was $34,000 on October 1 . What is the balance in inventory on October 31 ? October 7 . Purchased inventory on credit terms of 3/10, net eom, $80,000. Antrihar. B. Returned 25 percent of the inventory purchased on October 7 . It was not the inventory ordered. Orinhar 10. Sold aoods for cash, $23,000 (cost, $13,800 ). Let's enter the sale first The second entry for the transaction of October 10 records the effect on inventory, Let's enter that now. October 13. Sold inventory on credit termis of 2/15,n/45, for $162,000, less a $16,200 quantity discount offered to custorners who purchased in large quantites (cost, $97,200 ) This transaction requires two entries. Begin with the sales whatru Enter the October 13 Iransaction's second transaction, for the effect on inventory. October 16. Paid the amount owed on account from the purchase of October 7 , less the discount and the return. (Round your answers to the nearest whole dolitar.) October 17. Recelvod wrong-sized itventory as a sales return from Dctober 13 sale, 512,400 , which is the net amount atter the quantity discount. Cowan's cost of the inventory received was $7,440 : This transaction also has two parts Joumalize the sale portion of the merchandise retuin Next. record the second entry required for the Iransaction of October 17th, the inventory adjusiment. October 18. Purchased inventory of $170.000 on account. Payment terms wore are 2/10, net 30 . October 26. Paid supplier for goods purchased on Oclober 1Ath, Whole dollar.) Vcrober z8. Received cash in full tettement of the account from the customer who purchased invontory on October 13 (Round your answers to the neares Whole dollar.) October 31. Purchased inventary for cash, $100,000, loss a quantity discount of $10,000, plus freight charges of $2,200. When entering this transaction, combino all amourts in:o ono entry. Requirement 2. Suppose the balance in Inventory was $34,000 on October 1 . What is the balarice in inwontory on October 31