Sales$-$Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Green Lawn Supplies Co$.,$ which sells irrigation supplies primarily to other businesses and occasionally to retail customers. Green Lawn uses the net method under a perpetual inventory system.

July $1.$ Sold merchandise on $$ccount to Landscapes Co$.,$ $$54,700,$ terms FOB shipping point, n$/$eom$.$ The cost of the goods sold was $$35,700.$

$2.$ Sold merchandise for $$12,050$ plus $6\%$ sales tax to retail cash customers. The cost of the goods sold was $$7,570.$

$5.$ Sold merchandise on account to Peacock Company, $$19,900,$ terms FOB destination, $\frac{1}{10},\frac{n}{30}.$ The cost of the goods sold was $$13,260.$

$8.$ Sold merchandise for $$27,500$ plus $6$ c$$s sales tax to retail customers who used VISA cards. The cost of the goods sold was $$17,580.$

$13.$ Sold merchandise to customers who used MasterCard cards, $$13,910.$ The cost of the goods sold was $$7,960.$

$14.$ Sold merchandise on account to Loeb Co$.,$ $$27,800,$ terms FOB shipping point, $\frac{1}{10},\frac{n}{30}.$ The cost of the goods sold was $$15,650.$

$15.$ Received check for amount due from Peacock Company for sale on July $5.$

$16.$ Issued credit memo to Loeb Co$.$ for merchandise with an invoice amount of $$5,000$ returned from the sale on July $14.$ The cost of the merchandise returned was $$2,690.$

$18.$ Sold merchandise on account to Jennings Company, $$8,350,$ terms FOB shipping point, $\frac{2}{10},\frac{n}{30}.$ Paid $$90$ for freight and added it to the invoice. The cost of the goods sold was $$4,760.$

$24.$ Received check for amount due from Loeb Co$.$ for sale on July $14$ less credit memo of July $16.$

$28.$ Received check for amount due from Jennings Company for sale of July $18.$

$31.$ Paid Black Lab Delivery Service $$5,120$ for merchandise delivered durina Julv to customers under shippina terms of

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