Required: Record the following journal entries for July 2012:

1. Acquired $60 of inventory from its distributors on July 3. Paid one-half in cash and promised to pay the remainder by August 3.

2. Extreme Edge sold two-thirds of the inventory acquired on July 3 to a customer on July 11 for $67. Extreme Edge extended credit to the customer by allowing the purchaser until August 10 to pay for the goods.

3. Recognized the cost of the inventory sold to the customer as an expense.

4. Incurred $25 in salaries expense for July and promised to pay employees at the beginning of August.

5. Received and paid a $5 utility bill for Julys use of electricity on July 31.

Date	Accounts	Debit	Credit
7/3/12
7/11/12