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CALCULATOR Exercise 221 Petersen Book Store entered into the transactions listed below. July 6 8 9 19 22 28 31 Purchased $1,600 of merchandise on

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CALCULATOR Exercise 221 Petersen Book Store entered into the transactions listed below. July 6 8 9 19 22 28 31 Purchased $1,600 of merchandise on credit, terms n/30. Returned $100 of the items purchased on July 6. Paid freight charges of $90 on the items purchased July 6. Sold merchandise on credit for $4,400, terms 1/10, 1/30. 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. Received payment in full from the customer of July 19. Paid for the merchandise purchased on July 6. Prepare Petersen's necessary entries, assuming use of the perpetual Inventory system. (Credit account titles are automatically inden entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit earch Prepare Petersens Trecessary entries, assuming use of the perpetual ventory system. (Creun act entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July. 6 Inventory 1600 REE Accounts Payable 1600 8 Accounts Payable 100 Cost Inventory 100 9 Inventory Cash ints 19 Accounts Receivable 4400 pe here to search 19 Accounts Receivable 4400 Sales Revenue 4400 (To record credit sale) Cost of Goods Sold 2700 2700 Inventory (To record cost of good sold) 22 Sales Returns and Allowances 300 300 Accounts Receivable (To record credit granted for returned goods) Inventory to search Inventory 150 Cost of Goods Sold (To record cost of good returned) 28 Cash Sales Discounts Accounts Receivable 31 Accounts Payable 1500 cash 1500 Click if you would like to Show Work for this question: Open Show Work to search

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