Journalize the Following Transactions Assuming the Perpetual Inventory System

question 92

Essay

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 $2,000.5
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 goods sold was $3,830.​

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Definitions:

Formal Operational

A stage in Piaget’s theory of cognitive development during which people develop the ability to think about abstract concepts.

Reason Abstractly

The cognitive ability to think about objects, principles, and ideas that are not physically present, often involving complex thought processes.

Social Norms

Implicit rules that govern behavior within a community or group, guiding what is considered acceptable or typical.

Good Behaviors

Actions or conduct that are considered morally right, socially acceptable, or beneficial in a given context.