Journalize the following transactions. Assume a perpetual inventory system.

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Part 2

(Record debits first, then credits. Exclude explanations from journal entries.)

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Part 1

July 8: Sold merchandise on account,

$620,

to

Ring

Co.; terms

2/10,

n/30. Cost of merchandise was

$350.

Begin by journalizing the sale. (Do not record the expense related to the sale. We will do that in the following step.)

Journal Entry
Date		Accounts	PR	Dr.	Cr.
Jul. 8

Part 2

Now journalize the cost of the merchandise sold.

Journal Entry
Date		Accounts	PR	Dr.	Cr.
Jul. 8

Part 3

July 12: Purchased office equipment on account from

TRE

Co.,

$1,900.

Journal Entry
Date		Accounts	PR	Dr.	Cr.
Jul. 12

Part 4

July 13: Made refunds to cash customers,

$250,

for defective merchandise. The cost of defective merchandise was

$40.

Start by journalizing the refund. (Do not record the expense related to the refund. We will do that in the following step.)

Journal Entry
Date		Accounts	PR	Dr.	Cr.
Jul. 13

Part 5

Now journalize the cost of defective merchandise.

Journal Entry
Date		Accounts	PR	Dr.	Cr.
Jul. 13

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201X
Jul.	8		Sold merchandise on account, $620, to Ring Co.; terms 2/10, n/30. Cost of merchandise was $350.
	12		Purchased office equipment on account from TRE Co., $1,900.
	13		Made refunds to cash customers, $250, for defective merchandise. The cost of defective merchandise was $40.

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