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. Its 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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