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 plus 6% sales tax to cash customers. The cost of the merchandise sold was $3,830. |
Darshita Changed status to publish February 17, 2020
| Date | Description | Debit | Credit |
| Jul-03 | Accounts Receivable | 3750 | |
| Sales | 3750 | ||
| Cost of Merchandise Sold | 2000 | ||
| Merchandise Inventory | 2000 | ||
| Jul-05 | Sales Returns | 1050 | |
| Accounts Receivable | 1050 | ||
| Merchandise Inventory | 610 | ||
| Cost of Merchandise Sold | 610 | ||
| Jul-12 | Cash | 2700 | |
| Accounts Receivable | 2700 | ||
| Jul-17 | Cash | 7420 | |
| Sales | 7000 | ||
| Sales Tax Payable | 420 | ||
| Cost of Merchandise Sold | 3830 | ||
| Merchandise Inventory | 3830 |
Darshita Changed status to publish February 17, 2020
