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., $50,440, terms FOB shipping point, n/eom. The cost of the goods sold was $35,310. 2. Sold merchandise for $12,150 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,790. 5. Sold merchandise on account to Peacock Company, $18,600, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,130. 8. Sold merchandise for $29,350 plus 6% sales tax to retail customers who used VISA cards. The cost of the goods sold was $21,080. 13. Sold merchandise to customers who used MasterCard cards, $14,910. The cost of the goods sold was $8,050. 14. Sold merchandise on account to Loeb Co., $26,700, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,780. 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 $4,800 returned from the sale on July 14. The cost of the merchandise returned was $2,700. 18. Sold merchandise on account to Jennings Company, $7,400, terms FOB shipping point, 2/10, n/30. Paid $100 for freight and added it to the invoice. The cost of the goods sold was $5,350. 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 $5,100 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 $6,786 to state sales tax division for taxes owed on sales. Required: Accounting numeric field 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 Date Account Debit Credit July 1 Date Account Debit Credit July 2 Date Account Debit Credit July 2 Date Account Debit Credit July 5 Date Account Debit Credit July 5 Date Account Debit Credit July 8 Date Account Debit Credit July 8 Date Account Debit Credit July 13 Date Account Debit Credit July 13 Date Account Debit Credit July 14 Date Account Debit Credit July 14 Date Account Debit Credit July 15 Date Account Debit Credit July 16 Date Account Debit Credit July 16 Date Account Debit Credit July 18 Date Account Debit Credit July 18 Date Account Debit Credit July 18 Date Account Debit Credit July 24 Date Account Debit Credit July 28 Date Account Debit Credit July 31 Date Account Debit Credit July 31 Date Account Debit Credit Aug. 3 Date Account Debit Credit Aug. 10
