Wolfpack Inc. uses the perpetual inventory system and the gross method of recording purchase discounts. During January, the following transactions occurred concerning one of its inventory items. Note: There was no beginning balance for this inventory item. Date Description Jan 1: Purchased inventory costing $5,000 on account. Jan 1: Paid freight charges totaling $75 related to the above inventory purchase. Jan 10: Received a $100 discount when it paid the supplier for the Jan 1 purchase. Jan 25: Sold all of the inventory from the above transactions for $9,000 on account. Required: On your scrap paper, prepare all four journal entries for the above transactions. Next, record only the January 25 entries in the journal below. Date Account Debit Credit Jan 25 Answer 1 Question 1 Accounts Receivable Answer 2 Question 1 9,000 Answer 3 Question 1 Sales Revenue Answer 4 Question 1 9,000 Answer 5 Question 1 Cost of Goods Sold Answer 6 Question 1 9,000 Answer 7 Question 1 Inventory Answer 8 Question 1 9,000