3 2 of 2 Required information PB6-2 (Algo) Reporting Sales Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems (LO 6-4, LO 6-6) [The following information applies to the questions displayed below.) The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG IS a wholesale merchandiser and SR is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31 a. SSG sold merchandise to SRU at a selling price of $155,000. The merchandise had cost SSG $106.000 b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered SSG agreed to give an allowance of $6,000 to SRU, SRU also returned some sporting goods, which had cost SSG $15,000 and had been sold to SRU for $19,500. c. Just three days later SRU paid SSG, which settled all amounts owed. BOOK Print rences PB6-2 (Algo) Part 2 2. Prepare the journal entries SSG would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 of 2 Record the cost of goods sold of $106,000. hits Note: Enter debits before credits. Debit General Journal eBook Credit Transaction a(2) Print eferences Record entry Clear entry View general Journal Journal entry worksheet Part 2 of 2 Record the cost of goods sold to inventory 8 points Note: Enter debits before credits. eBook Transaction General Journal Debit Credit b(2) Print References Record entry Clear entry View general journal Required information 13 Journal entry worksheet Part 2 of 2 Record the receipt of payment in full from SRU. oints Note: Enter debits before credits. Transaction General Journal Debit eBook Credit Print References Record entry Clear entry View general Journal