Journalize the following transactions for reed company. assume a perpetual inventory system. also, assume a constant gross profit ratio for all items sold. make sure to enter the day for each separate transaction.

april 6 sold goods costing $3,000 to bennett company for cash, $5,000.
april 12 bennett company returned undamaged merchandise, purchased on april 6, for a cash refund, $630.

The Journal entries are as follows:

(i) On April 6,

Cash A/c Dr. $5,000

To Sales                     $5,000

(To record the cash sales )

(ii) On April 6,

Cost of goods sold A/c Dr. $3,000

To merchandise inventory               $3,000

(To record the cost of goods sold)

(iii) On April 12,

Sales return and Allowances A/c Dr. $630

To cash                                                          $630

(To record the sales return)

(iv) On April 12,

merchandise inventory A/c[(630 ÷ 5,000) × 3,000] Dr. $378

To cost of goods sold                                                                     $378

(To record the cost of sales return and allowances

answer; intellectual property protection;

answer/// there is an inverse relationship between price and quantity demanded;