Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which seils irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $13,500, terms FOB shipping point, /com. The cost of merchandise sold was $8,100. 2. Sold merchandise for $27,500 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $17,900. 5. Sold merchandise on account to Peacock Company, $31,200, terms FOB destination, 2/10, 1/30. The cost of merchandise sold was $20,300. 8. Sold merchandise for $12,500 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,500 13. Sold merchandise to customers who used MasterCard cards, $7,500. The cost of merchandise sold was 54,700. 14. Sold merchandise on account to Loeb Co. $14,600, terms FOB shipping point, 1/10, 1/30. The cost of merchandise sold was $8,600 15. Received check for amount due from Peacock Company for sale on July 5. 16. issued credit memo for $2,200 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,200 18. Sold merchandise on account to Jennings Company, 56,200, terms FOB shipping point, 2/10, 1/30. Paid $290 for freight and added it to the invoice. The cost of merchandise sold was $3,700 24. Received check for amount due from Loeb Co, for sale on July 14 less credit memo of July 16, Chapter Six HomoWork eBook Meno: 28. Received check for amount due from Jennings Company for sale of July 18. 31. Pald Black Lab Delivery Service $1,640 for merchandise dellvered 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 $930 for service fees for handling MasterCard and VISA sales during July 10. Pald $3,680 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 Debit Credit Date Account July 1-sale Account Debit Credit Date July 1-cost Debit Credit Date Account July 2-sale Chapter Six Homework eBook Show Me How Aceau Gruus Datu July 5-sale Account Debit Date Credit July 5-cost Account Debit Date Credit July 8-sale Account Debit Date Credit July 8-cost Account Debit Credit Date July 13-sale eBook Show Me How Chapter Six Homework Debit Credit Account Date Duly 13-cost Deblt Credit Account Date July 14-sale Debit Credit Date Account July 14-cost Account Debit Credit Date July 15 Date Account Debit Credit July 16- return Show Me How eBook Chapter Six Homework Debit Credit Account Date July 16-cost Debit Credit Account Date July 18-sale Debit Credit Account Date July 18- freight Debit Credit Account Date July 18-cost Debit Credit Account Date July 24 eBook Chapter Six Homework July 28 Debit Credit Account Date July 31- freight Debit Credit Account Date July 31- collection Debit Credit Account Date Aug. 3 Debit Credit Account Date Aug. 10
