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WHICH IS CORRECT IF EITHER????? help asap! :( 15. Record the following transactions for Sparky's Pet Shop using the general jouma for Sparky's Pet Shop

WHICH IS CORRECT IF EITHER????? help asap! :( image text in transcribed
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15. Record the following transactions for Sparky's Pet Shop using the general jouma for Sparky's Pet Shop using the general journal form provided below. Assume Sparky s uses a perpetual inventory system. Omit transaction descriptions from entries: Date August 1 Transaction Purchased Purchased $6,000 of merchandise on account, terms 2/10, n/30. Returned $1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4.000. Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200. Paid for the merchandise purchased on August 1, less return. Received payment from sale of August 10. The customer took the discount. 110 AT&T LTE 11:27 PM 1 57% Answer 1 of 1 Done Journal entry Date Aug 1 Credit General journal Inventory Account payable Debit 6000 6000 Aug 3 1 500 Account payable Inventory 1500 Aug 7 9750 Cash Sales revenue 9750 4000 Cost of goods sold Inventory 4000 Aug 10 Account receivable Sales revenue Cost of goods sold Inventory 200 Aug 11 4500 Account payable Cash (4500*98%) Inventory Aug 20 Cash (500*99%) Sales discount Account receivable

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