July 1 Purchased merchandise from Boden Company for $6, 800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost S567.
3 Paid $115 cash for freight charges on the purchase of July 1.
8 Sold merchandise that had cost $2, 100 for $2, 500 cash.
9 Purchased merchandise from Light Co. for $2, 700 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
11 Received a $700 credit memorandum from Light Co. for the return of part of the merchandise purchased on July 9.
12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
16 Paid the balance due to Boden Company within the discount period.
19 Sold merchandise that cost $1,000 to Art Co. for $1, 500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
21 Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19.
24 Paid Leight Co. the balance due after deducting the discount.
30 Received the balance due from Art Co. for the invoice dated July 19, net of discount.
31 Sold merchandise that cost $5, 600 to Creek Co. for $7, 500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
Prepare journal entries to record the above merchandising transactions of Blink Company, which applies the perpetual inventory system.

July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.

Dr Merchandise inventory 6,800

    Cr Accounts payable 6,800

July 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost S567.

Dr Accounts receivable 1,000

    Cr Sales revenue 1,000

Dr Cost of goods sold 567

    Cr Merchandise inventory 567

July 3 Paid $115 cash for freight charges on the purchase of July 1.

Dr Merchandise inventory 115

    Cr Cash 115

July 8 Sold merchandise that had cost $2,100 for $2,500 cash.

Dr Cash 2,500

    Cr Sales revenue 2,500

Dr Cost of goods sold 2,100

    Cr Merchandise inventory 2,100

July 9 Purchased merchandise from Light Co. for $2,700 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.

Dr Merchandise inventory 2,700

    Cr Accounts payable 2,700

July 11 Received a $700 credit memorandum from Light Co. for the return of part of the merchandise purchased on July 9.

Dr Accounts payable 700

    Cr Merchandise inventory 700

July 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.

Dr Cash 980

Dr Sales discounts 20

    Cr Accounts receivable 1,000

July 16 Paid the balance due to Boden Company within the discount period.

Dr Accounts payable 6,800

    Cr Cash 6,664

    Cr Purchase discounts 136

July 19 Sold merchandise that cost $1,000 to Art Co. for $1, 500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.

Dr Accounts receivable 1,500

    Cr Sales revenue 1,500

Dr Cost of goods sold 1,000

    Cr Merchandise inventory 1,000

July 21 Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19.

Dr Sales returns and allowances 250

    Cr Accounts receivable 250

July 24 Paid Leight Co. the balance due after deducting the discount.

Dr Accounts payable 2,000

    Cr Cash 1,960

    Cr Purchase discounts 40

July 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount.

Dr Cash 1,225

Dr Sales discounts 25

    Cr Accounts receivable 1,250

July 31 Sold merchandise that cost $5, 600 to Creek Co. for $7, 500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

Dr Accounts receivable 7,500

   Cr Sales revenue 7,500

Dr Cost of goods sold 5,600

    Cr Merchandise inventory 5,6000

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!