Dan Tragg insists on using only the highest quality blanks in the manufacturing of his surfboards. Tragg’s uses a list of approved vendors with whom they have established a good relationship over the years. The blanks are purchased when a production supervisor recognizes a need for inventory. The supervisor goes to his or her terminal and completes a Purchase Order Form online. This is done by selecting the vendor, the inventory item, and the amounts to be ordered. The order can be for one type of blank or for several types. The Purchase Order Form is reviewed by a Purchasing Agent. If it is approved, a Purchase Order Report is prepared, printed, and mailed to the selected vendor. The goods are received and counted by the Receiving Clerk. The Receiving Clerk enters the date, the PO number, and the Vendor’s Invoice Number in the top portion of the form. In addition, the Clerk must enter the Inventory ID number and the quantity received in the form. If the order is in agreement with the Purchase Order, it is scheduled for payment. Tragg’s sometimes pays for more than one invoice (receipt of inventory) with each check (cash disbursement). In addition, on occasion they have placed very large orders and have paid for those orders in installments. You will apply the REA Model and use Microsoft Access software to complete the case analysis of the expenditure cycle described above. Identify the resources, events and agents

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."