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: 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 Accounting numeric field Account Debit Credit July 1 Accounts Receivable-Landscapes Co. V 50,440 Sales 0 50,440 Date Debit Account Cost of Goods Sold Inventory Credit o July 1 35,310 o 35,310 Date Account Debit Credit July 2 Cash 12,879 0 Sales 0 12,150 Sales Tax Payable 729 Date Debit Credit Account Cost of Goods Sold July 2 6,790 0 Inventory o 6,790 Date Account Debit Credit July 5 Accounts Receivable-Peacock Company 18,414 0 Sales 0 18,414 Date Debit Credit Account Cost of Goods Sold July 5 12,130 Inventory o 12,130 Date Account Debit Credit July 8 Cash 31,111 o 29,350 Sales Sales Tax Payable o 1,761 Date Debit Account Cost of Goods Sold Credit o July 8 21,080 Inventory 21,080 Date Account Debit Credit July 13 Cash 14,910 Sales o 14,910 Date Account Debit Credit July 13 Cost of Goods Sold 8,050 Inventory 0 8,050 Date Account Debit Credit July 14 Accounts Receivable-Loeb Co. 26,433 0 Sales o 26,433 Date Account Debit Credit July 14 Cost of Goods Sold 15,780 0 Inventory o 15,780 Date Account Debit Credit July 15 Cash 18,414 o Accounts Receivable-Peacock Company 0 18,414 Date Account Debit Credit July 16 Customer Refunds Payable 2,100 X 0 Accounts Receivable-Loeb Co. o Date Account Debit Credit July 16 Inventory 2,700 0 Estimated Returns Inventory o 2,700 Date Account Debit Credit July 18 Accounts Receivable-Jennings Company 100 x 0 Sales o 7,500 X Date Account Debit Credit July 18 Accounts Receivable-Jennings Company 7,300 X Cash o Date Debit Account Cost of Goods Sold Credit o July 18 5,350 Inventory o 5,350 Date Account Debit Credit July 24 4,800 X 0 0 21,633 X Date Account Debit Credit July 28 Cash 7,350 X Accounts Receivable-Jennings Company o Date Account Debit Credit July 31 Delivery Expense 5,100 o Cash o 5,100 Date Account Debit Credit July 31 Cash 50,440 0 Accounts Receivable-Landscapes Co. o 50,440 Date Account Debit Credit Aug. 3 Credit Card Expense 840 o Cash 0 840 Date Account Debit Credit Aug. 10 Sales Tax Payable 6,786 o Cash 0 6,786