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., $16,100, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,700. 2. Sold merchandise for $25,000 plus 7% sales tax to retail cash customers. The cost of merchandise sold was $16,300. 5. Sold merchandise on account to Peacock Company, $33,100, terms FOB destination, 2/10, n/30. The cost of merchandise sold was $21,500. 8. Sold merchandise for $9,800 plus 6% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,900. 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., $13,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,700. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100. 18. Sold merchandise on account to Jennings Company, $6,600, terms FOB shipping point, 2/10, n/30. Paid $350 for freight and added it to the invoice. The cost of merchandise sold was $4,000. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.