Brief Exercise 8-2 Record the following transactions on the books of Tarjee Corp., which uses a perpetual inventory system. On July 1, Tarjee Corp. sold merchandise on account to Cambridge Inc. for $53,400, terms 1/10, n/30. The cost of the merchandise sold was $30,600.( Date Account Titles and Explanation Debit Credit July 1 (To record credit sale) July 1 (To record cost of merchandise sold) SHOW LIST OF ACCOUNTS LINK TO TEXT On July 8, Cambridge returned merchandise worth $6,100 to Tarjee. Its original cost was $4,110. The merchandise was restored to inventory. (Credit ad Date Account Titles and Explanation Debit Credit July 8 (To record sales return) July 8 (To record cost of merchandise returned) SHOW LIST OF ACCOUNTS LINK TO TEXT On July 9, Cambridge paid for the merchandise. (Credit account titles are automatically indented when the amount is entered. Do not indent m Date Account Titles and Explanation Debit Credit July 9 Assume now that Cambridge did not pay on July 9, as indicated above. At the end of August, Tarjee added one month's interest to Cambridge's account for the overdue receivable. Tarjee charges 12% per year on overdue accounts. "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 31