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Instructions Mead Company uses a perpetual inventory system and engaged in the following transactions during...

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Accounting

imageimageimage Instructions Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: \begin{tabular}{ll} Date & Transaction \\ \hline May 1 & Made cash sales of $6,900; the cost of the inventory was $3,200. \end{tabular} 5 Purchased $2,700 of inventory on credit. 9 Made credit sales of $3,600; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $800 and office salaries of $500. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $6,100; made a down payment of $1,900 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,800 for $2,700. Required: Record the preceding transactions in a general journal. Chart of Accounts GENERAL JOURNAL

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