QUESTION 1 Oceana Art Supply Company uses a perpetual inventory system. Record the following transactions during August 2023: (12 points) Aug 5 Sold $5,000 of merchandise on account to Tipsy Art, 2/15, n30. Cost of goods sold is $2,500. Aug 9 Purchased $2,000 of merchandise in account. FOB shipping point. 1/10, n/60. Aug 10 Paid transportation costs $50 on the Aug 9 purchase. Aug 11 Returned $250 of defective merchandise that had been purchased on Aug 9. Aug 12 Received payment from Tipsy. Aug 17 Paid for the merchandise purchased on Aug 9. (Don't forget the return and the discount!)

Oceana Art Supply Company uses a perpetual inventory system. Record the following transactions during August 2023: (12 points) Aug 5 Sold $5,000 of merchandise on account to Tipsy Art, 2/15,n30. Cost of goods sold is $2,500. Aug 9 Purchased $2,000 of merchandise in account. FOB shipping point. 1/10, n/60. Aug 10 Paid transportation costs $50 on the Aug 9 purchase. Aug 11 Returned $250 of defective merchandise that had been purchased on Aug 9. Aug 12 Received payment from Tipsy. Aug 17 Paid for the merchandise purchased on Aug 9. (Don't forget the return and the discount?)