Journalize the Following Transactions Assuming the Perpetual Inventory System

question 114

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.

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Definitions:

Universal Instantiation

A logical rule that states if a property or relation holds for all members of a class or domain, then it holds for any specific member of that class or domain.

Universal Instantiation (UI)

A principle in logic stating that what is true of everything in a particular class must also be true of any specific member of that class.

Simplification (Simp)

The process of making something less complicated or easier to understand.

Disjunctive Addition (Add)

A rule in propositional logic that allows the introduction of an additional disjunct to an existing disjunction.