On June 5, Staley Electronics purchases 170 units of inventory on account for $1
ID: 2549282 • Letter: O
Question
On June 5, Staley Electronics purchases 170 units of inventory on account for $17 each. After closer examination, Staley determines 30 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $29 each Required: Record transactions for the purchase, return, and sale of inventory assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits Date General Journal Debit Credit June 05Explanation / Answer
Date
General Journal
Debit
Credit
June 05
Inventory
2890
Accounts payable
2890
June 09
Accounts payable
510
Inventory
510
June 16
Accounts receivable
4060
Sales revenue
4060
June 16
Cost of goods sold
2380
Inventory
2380
Explanation:
June 9: Inventory: 30 units × $17 unit cost = $510
June 16: Sales Revenue: 140 units x $29 unit cost = $4060
Date
General Journal
Debit
Credit
June 05
Inventory
2890
Accounts payable
2890
June 09
Accounts payable
510
Inventory
510
June 16
Accounts receivable
4060
Sales revenue
4060
June 16
Cost of goods sold
2380
Inventory
2380
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