8 Question 2 Prepare a tabular summary to record the September transactions for Pennington Supply, assuming a perpetual inventory system. July 6 Purchased $1,600 of merchandise on credit, terms n/30. Returned $100 of the items purchased on July 6. Sold merchandise on credit for $4,400, on account. The merchandise had an inventory cost of $2,700. of the merchandise sold on July 19, $300 of it was returned. The items had cost the store $150. 28 Received payment in full from the customer of July 19. 31 Paid for the merchandise purchased on July 6. 19 22 (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities Accounts Receivable Cash Stockholder's Equity Retained Earnings Exp. Div. Accounts Payable Common Stock Inventory Rev. July 6 $ $ $ $ S $ $ 8 1 Sales revenue 19 Cost of goods sold Sales returns & allowances 22 Cost of goods sold 28 31