Chapter 1: Practice Problems Problem I - Enter the following transactions into Retail Company's general joumal in proper form Retail Co purchased $4,000 inventory terms 2/10,n30 from Vendor Co. 02 Retail Co. sold 6,000 of inventory to Customer Co.1/10. n45 (it cost Retail $1,000) Retail Co. retamed $500 inventory to Vendor Company Retail Copaid Vendor Co. in full (ck #523) Customer Co. returned 5600 inventory to Retail Co. (the inventory cost Retail $100). 6/15 Payment in full was received from Customer Co. Problem 2 - Enter the following transactions into Your Company's general journal in proper form. 12 1/5 Your Co purchased $2,000 of goods with torms 2/10,n30 from Supplier Co. Your Co. returned $300 of goods to Supplier Co. & received a credit memo, Your Co, sold $5,000 goods to Client Co. terms 2/10,n/30 (they cost Your Co S1.000) Your Co, paid Supplier Co. in full (ck#123) Client Co. returned $500 of goods (they cost Your Co $100). Client Co. paid Your Co. in full. 1/8 Problem 3 - Record the following transactions for Retailer Company in the general journal Purchased $3,000 of merchandise from Vendor Co. with terms of 1/10 n/30 (invoice #723) 112 Paid S150 in shipping costs for merchandise purchased from Vendor Co. (ck #843). 1/5 Returned $400 of goods to Vendor Co and received credit memo #22 Sold $6,000 of goods to Client Co. with terms of 2/10 r. 40 (the goods cost $3,900). 1/8 Paid Vendor Co, with check #844. 1/10 Purchased $6,000 of goods for resale from Wholesaler Co. with terms 3/51/45 (invoice #298) Client Co. returned $800 of merchandise and we issued credit memo #87. 1/12 Sold $3,000 of merchandise to Consumer Co. with terms 2/10 n/40 (the goods cost $1,800) 1/14 Received payment from Client Company 1/25 Issued check #845 to Wholesaler Co. 1/28 Received payment from Consumer Co