ROS S SUILOdorinprogress=false eBook Calculator Print Item Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 4,000 barrels with a sales price of $40 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul. 3 Sold 1,300 barrels with a sales price of 532 per barrel to customer Paramount Apparel Paramount paid using its in-house credit account. Terms of the sale are 3/10, 1/30. The cost for this sale is $17 per barrel. Jul. 5 Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her Money Plus credit card. The cost for this sale is $19 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any discounts. If an amount box does not require an entry, leave it blank. Jul. 1 Cash 160,000 Sales Revenue To record sale of barrels Jul 1 Cost of Goods Sold 72.000 Merchandise Inventory: Barrels To record cost of sale Accounts Receivables Paramount Apparel 11,600 Sales Revenue To record sale of barrels Cost of Goods Sold Merchandise Inventory Barrels To record cost of Sale Check My Work Previous Next > All work saved Emal structor Save and be Submit Assignment for Grading eBook E Print Item Calculator Merciantes Tventory: Barras 22,100 To record cost of sale Jul. 5 Accounts Receivable: Money Plus CC 18,020 Credit Card Expense Sales Revenue 49,000 To record sale of barrels Cost of Goods Sold 26,600 Merchandise Inventory: Barrels 26,600 To record cost of sale JULB cash 48,020 48,020 V Accounts Receivable: Money Plus CC To record cash payment, less usage fee Jul. 13 Cash Sales Discounts Accounts Receivable: Paramount Apparel 55 XL 55 x 678 XL 41,600 To record cash payment, less discount Check My Work For each transaction, remember that some transaction dates will require two separate journal entries. When inventory is sold, the sale is inventory balances and the cost of the inventory must be recorded/adjusted as well