Question: Question Three: (7.5 points) Ceres Computer Sales uses the perpetual inventory system and had following transactions during December Dec. 1 Sold merchandise to Happy Hobby

Question Three: (7.5 points) Ceres Computer Sales uses the perpetual inventory

Question Three: (7.5 points) Ceres Computer Sales uses the perpetual inventory system and had following transactions during December Dec. 1 Sold merchandise to Happy Hobby Shop on credit for $5,000, terms 3/10,n30. The items sold had a cost of $3,500. (FOB shipping point) 3 Purchased merchandise on credit for $2.600 terms 1 20,0/30 S Happy Hobby Shop returned merchandise that had a selling price of $300. The returned items had a cost of $210. 8 Paid shipping charges of S200 for merchandise purchased on December 3. 10 Received payment for merchandise sold to Happy Hobby Shop 15 Returned $600 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 Dr. Cr

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