question archive 22%Journalize the following transactions assuming the perpetual inventory system: July 3 Sold merchandise on account $3,750
22%Journalize the following transactions assuming the perpetual inventory system: July 3 Sold merchandise on account $3,750
Subject:AccountingPrice: Bought3
22%Journalize the following transactions assuming the perpetual inventory system: July 3 Sold merchandise on account $3,750. The cost of the merchandise sold was 2,000. July 5 Issued credit memo for $1,050 for merchandise returned from sale on July 3rd. The cost of the merchandise returned was $610. July 12 Received check for the amount due for sale on July 3rd less return on July 5th. July 17 Sold merchandise for $7,000 to cash customers. The cost of the merchandise sold was $3,830.
