Journalize the Following Sales Transactions for Power Equipment Using the Periodic

question 76

Essay

Journalize the following sales transactions for Power Equipment using the periodic inventory system.Explanations are not required.
July 1: Sold $4,200 of equipment on account,credit terms are n/30,FOB destination.
July 5: Paid $90 on freight out.
July 11: Received payment from the customer for the full amount due on the July 1 sale.

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Definitions:

Parathyroid Gland

Small glands located behind the thyroid gland that play a critical role in regulating the body's calcium levels.

Luteinizing Hormone

A hormone produced by the anterior pituitary gland that plays a crucial role in regulating the menstrual cycle and ovulation in females and testosterone production in males.

Anterior Pituitary

A front part of the pituitary gland that produces and releases hormones which regulate various bodily functions.

Gonads

The reproductive organs: namely, in women the ovaries, and in men the testes.