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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 account to Landscapes Co., $53,740, terms FOB shipping point, n/eom. The cost of the goods sold was $36,020. 2. Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150. 5. Sold merchandise on account to Peacock Company, $18,800, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,700. 8. Sold merchandise for $28,250 plus 6% sales tax to retail customers who used VISA cards. The cost of the goods sold was $17,920. 13. Sold merchandise to customers who used MasterCard cards, $12,880. The cost of the goods sold was $8,640. 14. Sold merchandise on account to Loeb Co., $30,200, terms FOB shipping point, 1/10, 1/30. The cost of the goods sold was $15,570. 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 $4,700 returned from the sale on July 14. The cost of the merchandise returned was $2,690. 18. Sold merchandise on account to Jennings Company, $8,200, terms FOB shipping point, 2/10, n/30. Paid $80 for freight and added it to the invoice. The cost of the goods sold was $4,610. 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 $6,040 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 $840 for service fees for handling MasterCard and VISA sales during July. 10. Paid $6,039 to state sales tax division for taxes owed on sales. Required: Joumalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank. Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 1 Accounts Receivable-Landscapes Co. 33,450.0 X Sales 33,450 X Credit | Date July 1 Account Cost of Goods Sold Debit 20,000 X 20,000 x Inventory 20,000 X 20,000 X Date Debit Credit July 2 92,880 X Account Cash Sales Sales Tax Payable 86,000 x 6,880 x Date Debit Credit Account Cost of Goods Sold July 2 Inventory Date Debit Credit Account Accounts Receivable-Peacock Company July 5 Sales Debit Credit Date July 5 Account Cost of Goods Sold Inventory Date Account Debit Credit July 8 Cash 120,960 x Sales 112,000 Sales Tax Payable 8,690 X Date Debit Credit - Account Cost of Goods Sold July 8 Inventory Date Account Debit Credit July 13 Cash Sales Date Debit Credit Account Cost of Goods Sold July 13 Inventory Date Debit Credit Account Accounts Receivable-Loeb Co. July 14 Sales Date Debit Credit Account Cost of Goods Sold July 14 Inventory Date Account Debit Credit July 15 Cash Date Account Debit Credit July 15 Cash Accounts Receivable-Peacock Company Date Debit Credit Account Customer Refunds Payable July 16 Accounts Receivable-Loeb Co. Date Account Account Debit Credit July 16 Inventory Estimated Returns Inventory Date Account Debit Credit July 18 Accounts Receivable-Jennings Company Sales Date Account Debit Credit July 18 Accounts Receivable-Jennings Company Cash Date Debit Credit Account Cost of Goods Sold July 18 Inventory Date Account Debit Credit July 24 Cash Accounts Receivable-Loeb Co. Date Account Debit Credit July 28 Cash Accounts Receivable-Jennings Company Date Account Debit Credit July 31 Delivery Expense Cash Date Account Debit Credit July 31 Cash Accounts Receivable-Landscapes Co. Date Debit Credit Aug. 3 Account Credit Card Expense Cash Date Account Debit Credit Aug. 10 Sales Tax Payable Cash