Dr. Cr. Question Four: (20 points) Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December: Dec.1 Sold merchandise to Happy Hobby Shop on credit for $10,000, terms 3/10, #30 The items sold had a cost of 57,000. (FOB shipping point) 3 Purchased merchandise on credit for $2,600, terms 1/20, 1/30 S Happy Hobby Shop returned merchandise that had a selling price of $600. The returned items had a cost of $420. 8 Paid shipping charges of $400 for merchandise purchased on December 3. 10 Received payment for merchandise sold to Happy Hobby Shop 15 Returned $1,200 worth of defective merchandise purchased on December 3. 21 Paid for the merchandise purchased December 3. Required: Prepare journal entries to record each of the preceding transactions. Date Account Title Dec 1. Accounts rectalabile 10,000 CDO sales revenue cogs 7,000 inuentory 7.000 Dec 3 inventory 12,600 account payable 2,600 Dec5 salesretuinondallowance 69600 600 accounts reclanabile doo Dec 8 inventory doo cash Dec lo cash 19580 sales discount 1287.4 accounts reclavabile 9292.6 Dec 15 accounts payable 1200 11200 inventory Dec 21 accounts payable HOO inventory 14 cash 1386 Final Examination (Fall 2019) Principles of Financial Accounting (ACCT 204)