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. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December: Dec 1 Sold merchandise on credit

. Ceres Computer Sales uses the perpetual inventory system and had the following transactions during the month of December:

Dec

1

Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500.

3

Purchased merchandise for cash, $720.

4

Purchased merchandise on credit for $2,600, term 1/20, n/30.

5

Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned items had a cost of $210.

11

Received payment for merchandise sold December 1.

15

Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600.

Required: Prepare the general journal entries to record these transactions

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