12. On March 3rd, Blowout Sales makes $3,450.00 in cash sales of general merchandise which have a cost of $1,215.00. Blowout uses a perpetual inventory system. (a) Journalize the sale event. (b) Journal the cost of merchandise sold.

16. Selected accounts and amounts appear below. Journalize the closing entry, assuming a perpetual inventory system.

Merchandise Inventory	$ 45,500
Cost of Merchandise Sold	652,500