7 Instructions Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May Date May 1 5 9 13 Transaction Made cash sales of $6,300; the cost of the inventory was $3,700. Purchased $2,000 of inventory on credit Made credit sales of $3,300; the cost of the inventory sold was $1,900. Paid sales salaries of $900 and office salaries of $600. Paid for the May 5 purchases. Purchased sales equipment costing 58,000, made a down payment of $2,000 and agreed to pay the balance in 60 days Purchased $600 of inventory for cash. Sold land that had originally cost $1,900 for $2,600 14 18 21 27 7 Instructions Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May Date May 1 5 9 13 Transaction Made cash sales of $6,300; the cost of the inventory was $3,700. Purchased $2,000 of inventory on credit Made credit sales of $3,300; the cost of the inventory sold was $1,900. Paid sales salaries of $900 and office salaries of $600. Paid for the May 5 purchases. Purchased sales equipment costing 58,000, made a down payment of $2,000 and agreed to pay the balance in 60 days Purchased $600 of inventory for cash. Sold land that had originally cost $1,900 for $2,600 14 18 21 27