Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $12,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,200. 2. Sold merchandise for $21,400 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $13,900. 5. Sold merchandise on account to Peacock Company, $33,500, terms FOB destination, 2/10, n/30. The cost of merchandise sold was $21,800. 8. Sold merchandise for $12,000 plus 7% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,200. 13. Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400. 14. Sold merchandise on account to Loeb Co., $10,700, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,300. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $1,600 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $900. 18. Sold merchandise on account to Jennings Company, $6,000, terms FOB shipping point, 2/10, n/30. Paid $260 for freight and added it to the invoice. The cost of merchandise sold was $3,600. 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. eBook Show Me How Calculator @ 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $1,810 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 $950 for service fees for handling MasterCard and VISA sales during July 10. Paid $2,200 to state sales tax division for taxes owed on sales. Required: Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank. Date Account Debit Credit July 1-sale Accounts Receivable-Landscapes Co. 12,000 Sales 12,000 Date Account Debit Credit July 1- Cost of Merchandise Sold 7,200 cost Merchandise Inventory 7,200 Date Account Debit Credit July 2-sale Cash Sales Sales Tax Payable Date Account Debit Credit July 2-cost Cost of Merchandise Sold Merchandise Inventory Date Account Debit Credit July 5-sale Accounts Receivable-Peacock Company Sales Date Account Debit Credit July 5-cost Cost of Merchandise Sold Merchandise Inventory Date Account Debit Credit July 8-sale Cash Sales Tax Payable C Date Account Debit Credit July 8-cost Cost of Merchandise Sold Merchandise Inventory Date Account Debit Credit July 13-sale Cash Sales Date Account Debit Credit July 13-cost Cost of Merchandise Sold Merchandise Inventory Date Account Debit Credit July 14-sale Accounts Receivable-Loeb Co. Sales Date Account Debit Credit Date Account Debit Credit July 14-sale Accounts Receivable-Loeb Co. Sales Date Account Debit Credit July 14-cost Cost of Merchandise Sold Merchandise Inventory Date Account Debit Credit July 15 Cash Accounts Receivable-Peacock Company Date Account Debit Credit July 16- Customer Refunds Payable return Accounts Receivable-Loeb Co. Date Account Debit Credit July 16-cost Merchandise Inventory Date Account Debit Credit July 16- Customer Refunds Payable return Accounts Receivable-Loeb Co. Date Account Debit Credit July 16-cost Merchandise Inventory Estimated Returns Inventory Date Account Debit Credit July 18-sale Accounts Receivable-Jennings Company Sales Date Account Debit Credit July 18- Accounts Receivable-Jennings Company freight Cash Date Account Debit Credit Date Account Debit Credit July 18-cost Cost of Merchandise Sold Merchandise 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 freight Cash Date Account Debit Credit July 31- Cash Ch. 6 Homework: Due 1014 eBook Show Me How Calculator Accounts Receivable-Jennings Company Date Account Debit Credit July 31- freight Delivery Expense Cash Date Account Debit Credit July 31- Cash collection Accounts Receivable-Landscapes Co. V Date Account Debit Credit Aug. 3 Credit Card Expense Cash Date Account Debit Credit Aug. 10 Sales Tax Payable Cash