1. 2. Dec. Journalize the transactions below. A perpetual inventory system is used. Post the journal entries to the Inventory account 15 Purchased merchandise from Flannery, Inc., $56,000, terms FOB destination, 2/10, n/45. 21 Sold merchandise on account to Weimer Co., $9,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,300. 23 Paid Flannery, Inc. for invoice of December 15, less discount. 30 Received payment from Weimer Co. for the invoice dated December 21, less discount. 31 Adjusting entry: A physical count of the merchandise inventory indicates that $1,021,300 of inventory is actually on hand. Note: You need to know the balance in Inventory to calculate this entry; therefore, post the preceding entries that involve Inventory. GENERAL JOURNAL DATE DESCRIPTION 1 2 3 4 5 0 7 8 10 11 12 13 Page POST. REF DEBIT CREDIT Bal. Inventory 980,000