Office Supplies Company Uses a Perpetual Inventory System

question 52

Essay

Office Supplies Company uses a perpetual inventory system.Journalize the following sales transactions for this company.Explanations are not required.
July 3: Sold $15,400 of merchandise on account,credit terms are n/30.Cost of goods is $9,300.
July 7: Received a $750 sales return from the customer.Cost of the goods is $435.
July 20: Received payment from the customer.

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Definitions:

Diuretic

A substance that promotes the production of urine, helping to remove excess fluids from the body.

Environmental Tobacco Smoke

The mixture of smoke from the burning end of a cigarette, pipe, or cigar, and the smoke exhaled by the smoker, also known as secondhand smoke.

Caffeine

A stimulant found in coffee, tea, chocolate, and some medications, known for its ability to enhance alertness and reduce feelings of fatigue.

Drug Misuse

The inappropriate or unsafe use of drugs, including prescription medication, over-the-counter drugs, alcohol, and illicit substances.