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Octagon Wholesalers uses a perpetual inventory system. Refer to...

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Octagon Wholesalers uses a perpetual inventory system. Refer to the data in E5-3 regarding sales transac- Rec E5-4 tions with Stellar Stores and to the additional information below for Octagorn. Mar. 1 Octagon's cost of the merchandise sold to Stellar was $3,960. 3 Octagon's cost of the merchandise returned by Stellar was $440. As the merchandise was not damaged, it was returned to Octagon's inventory 21 Octagon's cost of the additional merchandise sold to Stellar Stores was $5,720. 23 Octagon's cost of the merchandise returned by Stellar was $176. As the merchandise was damaged, it was put in the recycling bin. Instructions (a) Prepare Octagon Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (b) Calculate Octagon's net sales, cost of goods sold, and gross profit for these sales

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