Journalize the following transactions for Collins Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. July 7 Sold goods costing $4,800 to Murphy Company for cash, $8,000.
July 13 Murphy Company returned undamaged merchandise, purchased on July 7, for a cash refund, $740.

Three years ago, the city of recker committed to build a park and music venue by the river. it was expected to cost $2.5 million and be paid for from an additional meals tax in the community. the residents pushed back. local restaurants suffered as people ate out less or patronized restaurants in neighboring communities. the project has stalled, but the town council kept pushing it on. this spring, a flood devastated the venue. the town council appears to have suffered from bias