Journalize the following transactions assuming the perpetual inventory system:
July 3
Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was $2,000.5
Issued credit memo for $1,050 for merchandise returned from sale on July 3.The cost of the merchandise returned was $610.12
Received check for the amount due for sale on July 3 less return on July 5.17
Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the goods sold was $3,830.

Question

Journalize the following transactions assuming the perpetual inventory system:
July 3
Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was $2,000.5
Issued credit memo for $1,050 for merchandise returned from sale on July 3.The cost of the merchandise returned was $610.12
Received check for the amount due for sale on July 3 less return on July 5.17
Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the goods sold was $3,830.​

Quizplus · Accepted Answer

The Answer of Journalize the following transactions assuming the perpetual inventory system:
July 3
Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was $2,000.5
Issued credit memo for $1,050 for merchandise returned from sale on July 3.The cost of the merchandise returned was $610.12
Received check for the amount due for sale on July 3 less return on July 5.17
Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the goods sold was $3,830.​

Journalize the Following Transactions Assuming the Perpetual Inventory System