Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales

Question:

Casey Company uses a perpetual inventory system and engaged in the following transactions:
a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000.
b. Collected in the amount of $752,600.
c. Purchased goods on credit in the amount of $574,300.
d. Paid in the amount of $536,200.
Required:
Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash?
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