Record the following transactions for Sparky’s Pet Shop using the general journal form provided below. Assume Sparky’s uses a perpetual inventory system. Omit transaction descriptions from entries
| Date | Transaction |
| August 1 | Purchased $6,000 of merchandise on account, terms 2/10, n/30. |
| August 3 | Returned $1,500 of merchandise purchased on August 1 due to defects. |
| August 7 | Recorded cash sales for the first week of August $9,750; cost of the merchandise was $4,000. |
| August 10 | Sale on account made to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200. |
| August 11 | Paid for the merchandise purchased on August 1, less return. |
| August 20 | Received payment from sale of August 10. The customer took the discount. |
Darshita Changed status to publish February 17, 2020
| Date | Accounts | Debit | Credit |
| 08-Jan | Merchandise Inventory | 6000 | |
| Accounts Payable | 6000 | ||
| 08-Mar | Accounts Payable | 1500 | |
| Merchandise Inventory | 1500 | ||
| 08-Jul | Cash | 9750 | |
| Sales | 9750 | ||
| Cost of Merchandise Sold | 4000 | ||
| Merchandise Inventory | 4000 | ||
| 08-Oct | Accounts Receivable | 500 | |
| Sales | 500 | ||
| Cost of Merchandise Sold | 200 | ||
| Merchandise Inventory | 200 | ||
| 08-Nov | Accounts Payable | 4500 | |
| Merchandise Inventory | 90 | ||
| Cash | 4410 | ||
| Aug-20 | Cash | 495 | |
| Sales Discount | 5 | ||
| Accounts Receivable | 500 |
Darshita Changed status to publish February 17, 2020
