Save and Submit Click Submit to complete this assessment. Question 54 of 54 Question 54 10 points Save Answer For the following purchasing and sales transactions, prepare the appropriate journal entry assuming a perpetual inventory system is in place 1. On January 1, Cougar Corp. purchased inventory from a supplier for $5,000. The credit terms on the transaction are 1/10, net 30. 2. On January 2, Cougar Corp. paid a shipping company 190 for freight associated with the January 1 purchase. 3. On January 5, Cougar Corp sold inventory with a cost of $1,600 for $2,600. The credit terms on the transaction are 1/15, net 30 4. On January 6, Cougar Corp. returned $750 of the inventory purchased on January 1. Son January 7, Cougar Corp. paid $160 to ship the goods sold on January 5. 6. On January 9, Cougar Corp pad for the purchase on January 1. (Don't forget to consider the purchase return on January 6). 7. On January 10, Cougar Corp. received payment for the sale made on January 5. TTT Arial 03126 T.EE