Name ID# Lab Day & Time Group Assignment S5-7 Journalizing purchase and sales transactions Learning Objectives 2, 3 On November 4, 2018, Cain Company sold merchandise inventory on account to Tarin Wholesalers, $12,000, that cost $4,800. Terms 3/10, n/30. On November 5, 2018, Tarin Wholesalers paid shipping of $30. Tarin Wholesalers paid the balance to Cain Company on November 13, 2018 Requirements 1.Journalize Tarin Wholesaler's November transactions. 2.Journalize Cain Company's November transactions. Demonstration E5-22 Journalizing purchase and sales transactions Learning Objectives 2, 3 Joumalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, 1/EOM and FOB shipping point 7 Returned $900 of defective merchandise purchased on February 3. 9 Paid freight bill of $400 on February 3 purchase. 10 Sold merchandise inventory on account for $4,700. Payment terms were 2/15, 1/30. These goods cost the company $2,350. 12 Paid amount owed on credit purchase of February 3, less the return and the discount 28 Received cash from February 10 customer in full settlement of their debt