required 1) Create journal entries to show sale and cost of goods sold

ex:

Dr.Accounts payable

Dr. Cogs

cr. sales

cr. Merchandise inventory

2) complete merchandise inventory subledger

two decimal places. 1 See the Accounts Receivable Subledger below for details regarding customer balances. 2 See the Accounts Payable Subledger below for details regarding creditor balances. 3 There are an unlimited number of shares authorized with 30,000 shares issued and outstanding as at July 31, 2024. 4 This is a 5% note due July 15,2026 with interest collectible on the 15 th of each month. Refer to the collection schedule below for the note details. Values in schedule have been rounded for convenience. 5 See the Merchandise Inventory Subledger below for details of inventory holdings. 6 The balance in Prepaid Advertising represents payment for 4 months starting August 1, 2024. 7 See the Property, Plant and Equipment Subledger below for detailed information