QUESTION 37 1 points Save Answer Good Bags Ltd had the following transactions in December. The beginning inventory on 1 December consisted of 200 bags at $60 each. Assume Good Bags Ltd is registered for GST and uses a perpetual inventory system. Dec 5 Dec 6 Dec 9 Dec 13 Dec 31 Purchased 180 bags for $60 each on credit. Terms: 277, n/30. Paid freight cost of $120 on the 5 December purchase. Sold 120 bags for $100 each on account. Terms: 3/10, n/20. Paid freight cost of $180 on the 6 December Sale. Returned 20 of the bags purchased on 5 December and paid the amount due on the bags retained in stock. Customer returned 7 of the bags sold on 6 December. The bags were not defective and were returned to stock. They also paid the amount due on the 6 December sale. A Physical inventory count shows 238 bags on hand. Prepare the journal entry for December 31 transaction. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B 1 U Paragraph Arial 10pt ili !!! A TE 85 Q 6 = = = = x2 X2 ... + ABC T 22 M EX: + {:} # O WORDS POWERED BY TINY