Journalize the Following Transactions Assuming the Perpetual Inventory System:
July

question 90

Essay

Journalize the following transactions assuming the perpetual inventory system:
July 3 Sold merchandise on account for $3,750 including terms. The cost of the merchandise sold was $2,000.
5 Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610.
12 Received check for the amount due for sale on July 3 less return on July 5.
17 Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise sold was $3,830. $$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Description } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

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