Question: Question 2 (50 points, 10 points each) On January 1, Al Ghanem Company had an inventory of 15 backpacks at a cost of $20 each.

Question 2 (50 points, 10 points each) On January 1, Al

Question 2 (50 points, 10 points each) On January 1, Al Ghanem Company had an inventory of 15 backpacks at a cost of $20 each. During January, the following transactions and events occurred. Jan. 4 Purchased 80 backpacks at $20 each from Alshayaa Cop., terms 2/10, n/30. Jan. 6 Received credit of $120 for the return of 6 backpacks purchased on Jan. 4 that were defective. Jan. 9 Sold 40 backpacks for $25 each to Oliver Books, terms 2/10, n/30. Jan. 13 Oliver Books returned 5 backpacks related to 9th of January purchase Jan. 14 Paid Alshayaa Cop. in full. Instructions: Al Ghanem Company uses a perpetual inventory system, record the January transactions for Al Ghanem Company

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