Question: Prepare general journal entries to record these transactions, using a perpetual inventory system. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30.

Prepare general journal entries to record these transactions, using a perpetual inventory system. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. 3 Purchased merchandise for cash, $1,900. 4 Purchased merchandise on credit for $5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned merchandise purchased November 29, cost $400. 11 Received payment for merchandise sold December 1. .- Received a credit memorandum for $600 for the return of faulty merchandise purchased on December 4. 18 Paid freight charges of $50 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $9,000, terms 1/10 n/30, cost $6,500. 31 Received payment for merchandise sold on December 24

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