Question 28 15 points Save Answer EXERCISE 2-Perpetual Inventory System Journal Entries (15 pts.) Journalize the following transaction for the month of July. Copa Company uses a perpetual inventory system and the Cost of Goods Sold is 60% of sales. During January, the following transactions and events occurred. Jul. Jul. Jul. Jul Jul. 4 Purchased merchandise from Foster Co. for $18,000, terms 2/10, n/30. 10 Sold merchandise to Stuart Co. $21,000, terms 3/15, n/30. 12 Granted credit to Stuart Co. for $1,000 for merchandise returned from the sale of Jul. 10 13 Paid Foster Co. in full. 22 Received payment in full from Stuart Co