Journalize the following transactions assuming the perpetual inventory system: J
ID: 2374592 • Letter: J
Question
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
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.
Explanation / Answer
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