Ceres Computer Sales uses the perpetual inventory system and had the following transactions during 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, terms 1/20, n/30
	5	Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned item had a cost of $210.
	11	Received payment for merchandise sold December 1.
	15	Received a credit memorandum for the return of faulty merchandise purcased on December 4 for $600.
	18	Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point).
	23	Paid for the merchandse purchased on December 4 less the portion that was returned.
	24	Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900.
	31	Recieved payment for merchandse sold on December 24.