Ceres Computer Sales Uses the Perpetual Inventory System and Had

question 58

Essay

Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December
$\begin{array}{|l|l|l|}\hline\text { Dec } & 1 &\text { Sold merchandise on credit for } \$ 5,000, \text { terms } 3 / 10, \mathrm{n} / 30 . \text { The items sold had a } \\&&\text { cost of } \$ 3,500 .\\\hline & 3 & \text { Purchased merchandise for cash, } \$ 720 . \\\hline & 4 & \text { Purchased merchandise on credit for } \$ 2,600, \text { term } 1 / 20, \mathrm{n} / 30 . \\\hline & 5 & \text { Issued a credit memorandum for } \$ 300 \text { to a customer who returned merchandise } \\&&\text { purchased November } 29 . \text { The returned items had a cost of } \$ 210 .\\\hline & 11 & \text { Received payment for merchandise sold December } 1 . \\\hline &15 &\text { Received a credit memorandum for the return of faulty merchandise purchased on } \\&&\text { December 4 for } \$ 600 .\\\hline& 18 & \text { Paid freight charges of } \$ 200 \text { for merchandise ordered last month. (FOB shipping } \\&&\text { point). }\\\hline& 23 & \text { Paid for the merchandise purchased December } 4 \text { less the portion that was } \\&&\text { returned. }\\\hline &24 & \text { Sold merchandise on credit for } \$ 7,000, \text { terms } 2 / 10, n / 30 . \text { The items had a cost of } \\&&\$ 4,900 .\\\hline& 31 & \text { Received payment for merchandise sold on December } 24 .\\\hline \end{array}$
Required: Prepare the general journal entries to record these transactions.

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Definitions:

Atlantic Codfish

A cold-water fish native to the North Atlantic Ocean, known for its importance as a food fish.

White Abalone

A species of abalone, a marine gastropod mollusk, known for its white shell.

Overharvesting

The harvesting of plants or animals at a rate that exceeds their ability to replenish, leading to a decline or depletion of the population.

UV Radiation

Ultraviolet radiation, a type of energy emitted by the sun that can cause skin damage, including sunburn and skin cancer.