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Define the perpetual inventory system

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Walmart , uses the perpetual inventory system and had the following transactions during August.

Aug 1 - Sold Merchandise on credit for $5,000 , terms 3/10 , n/30 . The items sold had a cost of $3,500 .

Aug 3 - Purchased merchandise for cash, $2,720.

Aug 4 - Purchased merchandise on credit for $2,600, terms 1/20 ,n/30.

Aug 5 - Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010.

Aug 10 - Received payment for merchandise sold August 1.

Aug 15 - Received a credit memorandum from the seller for the return of faulty merchandise purchased on August 4 for $600.

Aug 18 - Paid freight charges of $200 for merchandise ordered last month (FOB shipping point)

Aug 23 - Paid for the merchandise purchased August 4 less the portion that was returned.

Aug 24- Sold merchandise on credit for $7,000, terms 2/10. n/30. The items had a cost of $4,900.

Aug 31 - Recived payment for merchandise sold on August 24.

Using the following journal pages , prepare the general journal entries to record these transactions.

Reference no: EM131746260

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