7)

Journalize the following transactions for Price Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. July 4 Sold goods costing $3,000 to Bell Company for cash, $5,000. July 10 Bell Company returned undamaged merchandise, purchased on July 4, for a cash refund, $250. Date Account Title Debit Credit 5