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Perpetual inventory system

Assume you are using perpetual inventory system:A)  Record the below transactions in a journalB)   Post the transactions to  T-Ledger Accounts. C)   Then determine the followings·     Merchandise Inventory Balance $·     COGS Balance $·     Net Sales $ ·     Gross Profit on Sales $·     Gross Profit Rate Transactions1.  Purchased goods for $140,000 on credit with terms 2/10, n/30. 2.  Returned $5,000 of the merchandise.3.  Paid for the merchandise in transaction 1 within 10 days.4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000.5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000.6.  Received payment for transaction 4 within 10 days.7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300was paid in cash.8. It’s discovered that $700 worth of goods was missing1. Merchandise inventory dr.Accounts payable cr.2. Accounts payable dr.Merchandise inventory cr.3. Accounts payable dr. 140,000140,000 5000135000 5000 Cash cr. 132300 Merchandise inventory…

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