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Use the Excel spreadsheet provided to record the necessary journal entries for each transaction listed...

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Accounting

Use the Excel spreadsheet provided to record the necessary journal entries for each transaction listed below.
Ensure that you follow the format of date, account titles, and explanation.
Submit your Excel file with all transactions properly recorded and the Inventory and Cost of Goods Sold accounts updated accordingly.
Transactions to Record:
January 5: Purchased 100 units of inventory on account for $20 each, terms 2/10, n/30.
January 8: Returned 10 units of inventory from the January 5 purchase due to defects.
January 12: Sold 60 units of inventory on account for $40 each, terms 1/15, n/45.
January 14: Received payment for the January 12 sale within the discount period.
January 18: Paid the supplier for the inventory purchased on January 5 within the discount period.

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