1. The Long Horn Music Store uses a perpetual inventory sy during the Month of...
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1. The Long Horn Music Store uses a perpetual inventory sy during the Month of July. system and had the following transactions 1 Made credit sales of $1.475; the cost of inventory sold was $7 4 Purchased $1,500 worth of inventory, paying S1 7 Sold equipment that e cost of inventory sold was $785. $1.000 with cash. cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage value 10 Paid wages of $1, accrued in Long Horn's records 250 and salaries of $3,250. Neither the wages or the salaries had been previously 12 Made cash sales of $4,450 and credit sales of $3.250. The cost of the inventory sold 18 Purch ased new equipment of $3,780 paying $1,780 in cash and signing a 90 day note for the remainder 24 Made cash sales of $1235; cost of inventory sold $650. Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued 29 Paid the remainder of the July 4 inventory. Required Record the preceding transactions in a general journal
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