Feb. 1 Sold merchandise inventory on account, terms n/30, to Cole Co., $1,050.
Cost of goods, $860. Invoice no. 401.
6 Sold merchandise inventory for cash, $950 (cost, $750).
12 Collected interest revenue of $170.
15 Received cash from Cole Co. in full settlement of its account receivable.
20 Sold merchandise inventory on account, terms n/30, to Dump Co., issuing invoice no. 402 for $500 (cost, $325).
22 Sold merchandise inventory for cash, $600 (cost $530).
26 Sold office supplies to an employee for cash of $150.
28 Received $500 from Dump Co. in full settlement of its account receivable.
Requirements
1. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. Assume the company uses the perpetual inventory system.
2. Total each column of the sales journal.