Copperfield Hardware is a newly formed corporation that uses a perpetual inventory system. The following transactions occurred during March 2026.
| Date | Transaction |
|---|
| March 1 | Issued common stock to investors for $50,000 cash. |
| March 4 | Purchased merchandise inventory on account, $18,000. |
| March 9 | Sold merchandise to a customer for $12,000 cash. The merchandise had cost $7,500. |
| March 15 | Paid the $18,000 owed to the supplier from the March 4 purchase. |
Required: Prepare the journal entries for each transaction. Because Copperfield uses a perpetual system, record the March 9 sale with two entries — one for the revenue and one for the cost of the merchandise sold. Use Merchandise Inventory, Cost of Goods Sold, Sales Revenue, and Common Stock.