(L. OBJ. 3) Journalizing sales transactions—perpetual system [10—15 min] Refer to the f...

(L. OBJ. 3) Journalizing sales transactions—perpetual system [10—15 min]

Refer to the facts presented in Exercise 5-15.

Requirement

1. Journalize the transactions of the seller, Hart Diamonds. Hart’s cost of goods sold was 55% of the sales price. Explanations are not required.