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Journal entry worksheet Record the cost of goods sold to inventory. Note: Enter debits before credits. Journal entry worksheet Record the receipt of payment in full from SRU. Note: Enter debits before credits. Journal entry worksheet 45 Record the sales on account of $125,000 to SRU. Note: Enter debits before credits. 5 Required information PB6-2 (Static) Reporting Sales Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companles occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $125,000. The merchandise had cost SSG $94,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $3,000 to SRU. SRU also retumed some sporting goods, which had cost SSG $12,000 and had been sold to SRU for $16,500. c. Just three days later SRU pald SSG, which settled alt amounts owed. PB6-2 (Static) Part 2 2. Prepare the journal entries SSG would record. (If no entry is required for o tronsoction/event, select "No Journol Entry Required" in the first occount field.) Journal entry worksheet Record the return of unsatisfactory merchandise by SRU for which credit was given to the customer. Note: Enter debits before credits

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