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:

Social Aspects

Components of a situation, behavior, or phenomenon that involve the interaction between individuals within a society.

Passive Subjects

Individuals in a study who do not actively participate but are observed or have data collected about them.

Contingencies

Conditions, events, or situations that are dependent on other factors or conditions occurring first.

Behavioral Signature

A unique pattern of actions or reactions that are characteristic of an individual across different situations.