Journalize the Following Transactions Assuming the Perpetual Inventory System

question 45

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.??

---

Definitions:

Night Vision

The ability to see in low light conditions, often enhanced by specialized equipment or biological adaptations.

Outer Layer

The external surface or coating of an object or body.

White Eye

Typically referring to the appearance of the eye when light is reflected off the retina, potentially indicating certain eye conditions.

Vascular Membrane

A type of tissue rich in blood vessels, often found within or surrounding certain organs, providing them with nutrients and oxygenated blood.