Journalize the following transactions assuming the perpetual inventory system:
|
July 3 |
Sold merchandise on account $3,750. The cost of the merchandise sold was $2,000. |
|
July 5 |
Issued credit memo for $1,050 for merchandise returned from sale on July 3rd. |
|
The cost of the merchandise returned was $610. |
|
|
July 12 |
Received check for the amount due for sale on July 3rd less return on July 5th. |
|
July 17 |
Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise sold was $3,830. |
Journal
|
Date |
Description |
Post Ref |
Debit |
Credit |