Sales Related transactions using Perpetual Inventory System The following selected transactions were completed by Green La Soles Co, which w i gation supplies primary to other businesses and occasionally to retail customers. Green Lawn uses the net method under a perpetual eventory system. July 1. Sed merchandise on account to Lanches ca. 133.450 terms Fosshing p e om. The cost of the goods sold was $20,000 2. Sold merchandise for $6.000 he a les tax to rachuntomers. The cost of the goods sold was $51,600 5. Sold merchandise on count to Pad Company. 117.500,terms o destination, 1/10, 30. The cost of the goods was $10,000 8. Sold merchandise for $112.000 es tax to ustomers who used VISA cards. The cost of the goods was $67,200 13. Sold merchandise to customers wheed Marcard cards .000 The cost of the goods sold as 37.500 14. Se merchandise Lob . 16.000, terme Fo g o VI, 0 The cost of the goods 16. edcruitmeme to a formadhandh av e amount of $3,000 rebrned from the sale on My 14 The cost of the merchandise returned was 1.00 18. Sold merhandise on account to Benigs Com 11.350, Fos ing point, 2/10, VI 1475 for 24. Received check for amount due from Lob for sale on 14 less cred meme of Mv 16. 28. Received check for mount due from Jennings Company for sale of 18. 31. Pald Black Lab Delivery Service $8.550 for merchandise d ered during my to customers under shoping forms of FOB destination 31. Received check for amount due from Landscapes for sale of Aug 3. Pald Hays Federal Bank $3.770 for service fees for handing MasterCard and VISA sales during 10. Puld $41.260 to state sales tax dision for awesowed on sales Required: Journalize the entries to record the transactions of Green Lane Supplies Co. In amount box does not requirementry leaves an Accounts Receivable Landscapes Date Account Debit Credit July 15 Cash v Accounts Receivable-Peacock Company Debit Credit Date July 16 Account Customer Refunds Payable Accounts Receivable-Loeb Co. Debit Credit Date July 16 Account Inventory Estimated Returns Inventory Date Account Debit Credit July 18 Accounts Receivable-Jennings Company Sales Debit Credit Date July 18 I Account Accounts Receivable-Jennings Company Cash v Date Account Debit Credit Duly 18 Cost of Goods Sold Inventory Date Account Debit Credit [July 24 Cash Accounts Receivable Loeb Co. Date Account Debit Credit Check My Work All work saved Debit Credit Date July 18 w wwwwwww Account Cost of Goods Sold Inventory Debit Credit Date July 24 Account cash Accounts Receivable-Loeb Co. Debit Credit Date July 28 Account Cash hv Accounts Receivable-Jennings Company L Debit Credit Date July 31 Account Delivery Expense Cash Date Account Debit Credit July 31 Cash Accounts Receivable-Landscapes Co. Debit Credit Date Aug. 3 Account Credit Card Expense Cash Date Debit Credit Aug. 10 Account Sales Tax Payable Cash Check My Work wilm/takeAssignment/takeAssignmentMain.dornvokeretakerssignmentSessionLocatop=&inprogress-raise cBook Show Me How Calculator 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 occasion method under a perpetual inventory system. July 1. Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of the goods sold was $20,000 2. Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of the goods sold was $51,600. 5. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $10,000. 8. Sold merchandise for $112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of the goods sold was $67,200 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of the goods sold was $57,600. 14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $9,000 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 $3,000 returned from the sale on July 14. The cost of the merchandise returned was $1,800. 18. Sold merchandise on account to Jennings Company, $11,350, terms FOB shipping point, 2/10, 1/30. Pald $475 for freight and added it to the invoice. The cost of the goods sold was $6,800. 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 $8,550 for merchandise delivered during July to customers under shipping terms of FOB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July 10. Paid $41,260 to state sales tax division for taxes owed on sales. Required