A company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and General journal. A prepetual inventory system is used. The following transactions were completed by the company during the current month of December:

Dec. |sold merchandise for $5,000 to the North Corp. on credit, $2,900. 3 Invoice No. 785. Cost of the goods sold is b Sold a piece of land for $25,000 cash. The land was originally purchasea or purchased for $25,000. store supplies from Office Mate on account for $240, terms n/30 equipment from Office Supply Company for $590. Check No. 2316 a credit memo for $850 to North Corp. for returned merchandise costing $410. 21 Paid Rentals Inc. for monthly rent of $3,500. Check No. 2317 22 Returned $130 of merchandise purchased from Shifton Corp. for credit on account. 31 Recorded accrued sales salaries of $8,000. Record these transaction s in the appropriate journals that follow (continued on next page -28 points). SALES JOURNAL PAGE 56 ACCOUNTS COST OF GOODS INV. ACCOUNT DEBITED RECEVABLEDR SOLD DR. PR DATE No I MERCH INV CR. NO. SALES CR. PURCHASES JOURNAL PAGE ACCOUNTS INVENTORY SUPPLIES DR. OFFICE INV ACCOUNTDATE TERMS PR CR. DR. DATE TERMS PR PAY