Journal: DATE ACCOUNT TITLES A 1 7/1 Paid $1,500 for purchases made on account 2 7/1 Purchased on account 600 bags of tea for $6 each, FOB destination 3 7/1 Paid $500 of wages owed from the prior month 4 7/12 Sold 700 bags of tea on account at a price of $15 (It uses FIFO perpetual inventory; prior to the sale, it had 450 bags of tea the that cost $6 (see above)) 5 7/12 Wrote off $75 of specific bankrupt customers' accounts 6 7/15 Collected $9,700 from sales made on account 7 7/31 Declared and paid a $150 dividend to its shareholders A1 7/31 Adjusted for uncollectible accounts estimated to be $600 of its accounts rece A2 7/31