accouting study guide problem 7. record journal entries. thanks!

7. Baker Co. had the following purchases and sales transactions during the month of January. Prepare journal entries for each of the transactions. Jan. 3 Purchased $25,000 of merchandise on account from Zeff Co., terms 2/10, n/30 Jan. 5 Returned merchandise purchased on account from Zeff on January 3, $5,000 Jan. 12 Paid Zeff for the purchase on January 3, on account, less the return and discount Jan. 13 Sold merchandise on account to Smith Co., $50,000, terms 1/10, n/30. The cost Jan. 15 Received merchandise return on account from Smith, $8,000. The cost of the of the merchandise sold was $35,000. merchandise returned was $5,600. Jan. 23 Received payment in full on account from Smith, less the return and discount