Wolf Pack Industries is a merchandising company owned by W.J. Smith. Prepare the necessary journal entries for each of the transactions below

USE THE PERPETUAL INVENTORY SYSTEM

January 4 Sales Invoice No. 56 to Titan Co for the sale of merchandise for $800, terms of sale 2/10, n/30. Original cost of the inventory was $350

January 5 Credit Invoice issued to Titan Co for the return of $200 of merchandise from Invoice No. 56. Cost of that inventory was $55.

January 12 Received payment from Titan Co for the full balance owing on Invoice No. 56