Instructions Long Horn Music Store uses a perpetual inventory system and had the following transactions during July. 1 Sold merchandise on account for $1,475. The cost of inventory sold was $785. 4 Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account. Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage 7 value 10 12 Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued. Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050. Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder. 18 24 Sold merchandise for $1,235 cash. The cost of inventory sold was $650. Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued. 29 Paid the July 4 invoice on account. Required: Record the preceding transactions in a general journal. Chart of Accounts