Note: X = 2

On January 1, 2022, Friendly Store had an inventory of 60 school bags at a cost of $20 + X each. The company uses a perpetual inventory system. During January, the following transactions occurred. Jan 4. Purchased 100 school bags at $21 each from Danny Co. for cash. 10. Paid freight of $50 on school bags purchased from Danny Co. 12. Returned 3 school bags to Danny Co. for $64.5 credit (including freight) because they did not meet specifications. 15. Sold 40 school bags costing $21.5 (including freight) for $34 each to Great Book Store, terms n/30. 18. Granted credit of $68 to Great Book Store for the return of two school bags that was not ordered. 29. Sold 20 school bags costing $21.5 for $34 each to Doll Shop, terms n/30. Required: Journalize the January transactions