Question

Journalize the following transactions assuming the perpetual inventory system:

July 3. Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was 2,00.

July 5. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned from sale on july 3. The cost of the merchandise returned was $610.

July 12. Received check for the amount due for sale on July 3 less return on July 5.

July 17. Sold merchandise for $7,000 plus 6% sales tax to cash chstomers. The cost of the goods sold was $3,830.

If an amount box does not require an entry, leave it blank or enter "0".

LengageNUWV2 Unline teaching and learning resource from Cengage Learning If an amount box does not require an entry, leave it blank or enter "0". July 3 July 3 July 5 July 5 July 12 July 17 A na Guer Tube here to search

Answer 1

Date	Particulars	Debit($)	Credit($)
03-Jul	Accounts Receivables a/c…Dr	$3750
	Sales a/c		$3750
03-Jul	Cost of merchandise sold a/c…Dr	$2000
	Merchandise inventory a/c		$2000
05-Jul	Sales return a/c…Dr	$1050
	Accounts Receivables a/c		$1050
05-Jul	Merchandise inventory a/c..Dr	$610
	Cost of merchandise sold a/c		$610
12-Jul	Cash a/c…Dr (3750-1050)	$2700
	Accounts Receivable a/c		$2700
17-Jul	cash a/c..Dr	$7420
	sales a/c		$7000
	Sales tax payable a/c		$420
17-Jul	Cost of merchandise sold a/c…Dr	$3830
	Merchandise inventory a/c		$3830