Assume you are using perpetual inventory system:
A)  Record the below

transactions in a journal

B)   Post the transactions to  T-Ledger Accounts.

C)   Then determine the followings

·     Merchandise Inventory Balance $                        

·     COGS Balance $                          

·     Net Sales $                                   

·     Gross Profit on Sales $                            

·     Gross Profit Rate                         

Transactions

1.  Purchased goods for $140,000 on credit with terms 2/10, n/30.

2.  Returned $5,000 of the merchandise.

3.  Paid for the merchandise in transaction 1 within 10 days.

4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000.

5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000.

6.  Received payment for transaction 4 within 10 days.

7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300

was paid in cash.

8. It’s discovered that $700 worth of goods was missing

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