Journal Entries The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:
|
Date |
Transaction |
|
1 May |
Made cash sales of $6,300; the cost of the inventory was $3,700. |
|
5 |
Purchased $2,000 of inventory on credit. |
|
9 |
Made credit sales of $3,300; the cost of the inventory sold was $1,900. |
|
13 |
Paid sales salaries of $900 and office salaries of $600. |
|
14 |
Paid for the May 5 purchases. |
|
18 |
Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. |
|
21 |
Purchased $600 of inventory for cash. |
|
27 |
Sold land that had originally cost $1,900 for $2,600. |
Required
Record the preceding transactions in a general journal.