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Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December. 1 Dec Sold merchandise on credit for...

Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December.

1 Dec Sold merchandise on credit for $5,000, terms 3/10, m/30. The items sold had cost of $ 3,500
3 Purchased merchandise for cash , $720
4 Purchased merchandise on credit for $2,600, terms 1/20, n/30
5 Issued a credit merchandise for $ 300 to a customer who returned merchandise purchased
November 29. The returned items had a cost of $210.
11 Received payment for merchandise sold December 1.
15 Received a Credit memorandum for return of faulty merchandise purchased on December
For $ 600 .
18 Paid freight charges of $200 for merchandise ordered last month (FOB shipping point)
23 paid for the merchandise purchased December 4 less the portion that was returned.
24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of 4,900.
31 Received payment for merchandise sold on December 24.

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