Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual Lo3 p.Me SOLVE IT Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 2 3 Sold merchandise with a cost of $1,500 for $2.100; terms 2/10, 1/30, FOB destination. Paid $225 to ship the merchandise sold on February 1. The customer of February 1 retumed half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer for $3,800 (cost of sales $2.280): terms 2/10, 1/30. FOB desunation. Collected the amount owing from the customer of February 1. Sold merchandise to a customer for cash of $1.200 (cost of sales $720). The customer of February 4 paid the amount owing. 23 28