The following are the transactions for Candies Galore for the month of January.

Module 6  The following are the transactions for Candies Galore for the month of January.

During January the following transactions occurred:

8-Jan   Purchased $5,900 of merchandise from The Chocolate Shop.         Terms 2/15, n/45, FOB shipping point. The Chocolate Shop prepaid $350 in shipping and added it to the invoice

10-Jan   Purchased $350 of supplies on account from The Office Barn

   Terms 2/10, n/30, FOB destination

14-Jan   Sold $950 (cost $500) of merchandise on account to Maple Fair.            Terms 3/15, n/45, FOB destination

15-Jan   Paid $75 freight charges to deliver goods to Maple Fair

17-Jan   Returned $1400 of the merchandise purchased on January 8 and received credit

18-Jan   Sold $650 (cost $350) of merchandise to cash customers

19-Jan   Paid for the supplies purchased on January 10

22-Jan   Paid the Chocolate Shop the amount due from the January 8 purchase in full

24-Jan   Maple Fair returned $175 (cost $100) of merchandise from the January 14 sale

25-Jan   Purchased $2100 of inventory for cash

28-Jan   Received payment in full from Maple Fair for the January 14 sale.

Requirements:

1.  Journalize the transactions (explanations are not necessary).

2.  Determine Candies Galore's gross profit for January.