- July 3 July 5 Sold computers on account for $8,000 to South Auto Store, terms 3/15, n/30. The cost of the computers is $4,800 Sold two computers for $2,000 to Alex Harding. The cost of the computers is $1,200. Harding paid cash. Received full payment from South Auto Store on the balance due. Harding returned one computer from the July 5 sale. The computer sold for $1,000 and the cost was $600. Quick Computers issued a refund to the customer July 12 July 15 8. Quick Computers has the following transactions in July related to the sale of merchandise inventory Click the icon to view the transactions) Journalize the sales transactions for Quick Computers assuming the company uses the perpetual inventory system (Record debits first, then credits Select the explanation on the last line of the journal entry table Assume the company records sales at the net amount) Jul 3. Sold computers on account for $8 000 to South Auto Store terms 3/15 n/30 The cost of the computers is $4800 Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale We will do that in the following step Accounts and Explanation Credit Date Debit Jul 3 Now journalize the expense related to the July 3 sale Date Accounts and Explanation Debit Credit Jul 3 Jul. 5 Sold two computers for $2,000 to Alex Harding The cost of the computers is S1,200. Harding paid cash Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale. We will do that in the following step Date Accounts and Explanation Debit Credit Jul 5 Now journalize the expense related to the July 5 sale Debit Accounts and Explanation Date Credit Jul 5 Jul 12 Received full payment from South Auto Store on the balance due Date Accounts and Explanation Jul 12 Debit Credit Jul 15. Harding returned one computer from the July 5 salo. The computer sold for $1.000 and the cost was $600 Quick Computers issued a refund to the customer Begin by recording the refund to the customer Do not record the return of the merchandise inventory yet we will do that in the following step Date Accounts and Explanation Debit Credit Jul 15 Now journalize the return of the merchandise inventory from the July 15 return Debit Credit Date Accounts and Explanation Jul 15