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s Jools Help https//newconnect.mheducation.com/flow/oo |shttps%3A%2F%2 ? a Search hapter 8 Saved Help Problem 8.7A Recording transections using the perpetual inventory system. LO 8-7 The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. DATE TRARSACTIONS / July. 1 Parchased dresses to: ?,770 plus freig he enarge or s270 tram Fashion Expo, Invoice 101, dated Jaly 2: the terma aze 2/10, n/30. sales si4p 7\" for \"40. The eest of the dresses 201d was 20. damaged dreases zeturned: the goods were purcbased on Invoice 101, 5 Sold two dreases on account to Alice Chu, terms 1/10, n/30: iasued 7 Receired Credit Memorandum 210 for $570 trom Fashion Expo tor Accepted return of a dress tro. Aice Cha, the area originally sold on Sales 511p 78 ot uly issued Credi temozandm 89 for 220. The coat of the recuzned dress vas $155 10 Issued Check ia55 to pay the amount due to Faahion Expo for Inroice cash 101 daced Jaly 1. less the retarn of July 7 and less the 15 Regeived payses rn Alioe chu tor the sale ot ulyless the zeturn ot Jaly 9 and less the cash diacoun:. 15 Recorded ssles on aredit carda for the twa-veek peziod ended uly 15. s12, 200: uie bank charges a 2% fee on a11 credit eard 861 es. Thr merchanasse on acoouns fro Fashion Wholesalers c Prey 4 ofs l Next

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Date	Account Description	Debit	Credit
1-Jul-19	Inventory - Dresses (4770+270)	$          5,040
	Accounts Payable - Fashion Expo		$        5,040
	(To record purchases of Inventory)
5-Jul-19	Accounts Receivable- Alice Chu	$              640
	Sales Revenue		$           640
	(To record sales )
5-Jul-19	Cost of Goods Sold	$              420
	Inventory - Dresses		$           420
	(To record cogs)
7-Jul-19	Accounts Payable - Fashion Expo	$              570
	Inventory - Dresses		$           570
	(To record Purchase return)
9-Jul-19	Sales Return	$              220
	Accounts Receivable- Alice Chu		$           220
	(To record Sales Return)
9-Jul-19	Inventory - Dresses	$              155
	Cost of Goods Sold		$           155
	(To reverse cogs of returned goods)
10-Jul	Accounts Payable - Fashion Expo	$          4,470
	Cash		$ 4,380.60
	Discount on Purchase		$        89.40
	(To record payment to Vendor)
15-Jul-19	Cash	$        415.80
	Discount on Sales	$            4.20
	Accounts Receivable- Alice Chu		$           420
	(To Record receipt of sales from Alice)
15-Jul-19	Cash	$        12,078
	Bank Charges Expenses	$              122
	Sales revenue		$     12,200
	(To record credit card sales)
15-Jul-19	Cost of Goods Sold	$          8,200
	Inventory - Dresses		$        8,200
	(To record cogs)
17-Jul-19	Inventory - Dresses (4700-4700*40%-2820*10%)	$          2,538
	Accounts Payable - Fashion Wholesalers		$        2,538
	(To record purchases of Inventory)
26-Jul	Accounts Payable - Fashion Wholesalers	$          2,538
	Cash		$ 2,512.62
	Discount on Purchase		$        25.38
	(To record payment to Fashion Wholesalers)