On July 1, Racquets Plus had an inventory of 20 tennis racquets at a cost of $125 each. Racquets Plus uses a perpetual inventory system. During the month of July, the following transactions occurred:Jul 4 Purchased 25 racquets at a cost of $125 each from the Tennis Gear Corporation, terms 2/10, n/30.5 Paid freight of $100 on the July 4 purchase.6 Sold 10 racquets from the July 1 inventory to Team Canada for $225 each, terms 2/10, n/30.7 Received a credit from Tennis Gear for the return of 2 defective racquets.8 Sold two racquets from the July 1 inventory for $550 cash.13 Issued a credit memo to Team Canada for the return of a defective racquet.14 Paid Tennis Gear in full.15 Received payment from Team Canada.InstructionsRecord the July transactions for Racquets Plus.

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The Answer of On July 1, Racquets Plus had an inventory of 20 tennis racquets at a cost of $125 each. Racquets Plus uses a perpetual inventory system. During the month of July, the following transactions occurred:Jul 4 Purchased 25 racquets at a cost of $125 each from the Tennis Gear Corporation, terms 2/10, n/30.5 Paid freight of $100 on the July 4 purchase.6 Sold 10 racquets from the July 1 inventory to Team Canada for $225 each, terms 2/10, n/30.7 Received a credit from Tennis Gear for the return of 2 defective racquets.8 Sold two racquets from the July 1 inventory for $550 cash.13 Issued a credit memo to Team Canada for the return of a defective racquet.14 Paid Tennis Gear in full.15 Received payment from Team Canada.InstructionsRecord the July transactions for Racquets Plus.

On July 1, Racquets Plus Had an Inventory of 20