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., $17,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $10,200 2. Sold merchandise for $18,900 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $12,300. 5. Sold merchandise on account to Peacock Company, $35,500, terms FOB destination, 2/10, 1/30. The cost of merchandise sold was $23,100. 8. Sold merchandise for $12,100 plus 6% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300 13. Sold merchandise to customers who used MasterCard cards, $5,000. The cost of merchandise sold was $3,200. 14. Sold merchandise on account to Loeb Co., $10,500, terms FOB shipping point, 1/10, 1/30. The cost of merchandise sold was $6,200 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, 55,800, terms FOB shipping point, 2/10, 1/30. Paid $270 for freight and added it to the invoice. The cost of merchandise sold was $3,500. 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 $2,010 for merchandise delivered during July to customers under shipping terms of FOB destination