Question

Concord Company uses a perpetual inventory system. Its beginning inventory consists of 63 units that cost $43 each. During June (1) the company purchased 188 units at $43 each on account, (2) returned 8 units for credit, and (3) sold 156 units at $63 each. Journalize the June transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (To record sales)

Answer 1

No Credit Accounts Title and Explaination Debit 1 Inventory $8,084.00 Accounts payable $8,084.00 (To Record Purchases) $ 344.00 2 Accounts payable Inventory $ 344.00 (To Record Returns) $9,828.00 3 Accounts Receivable Sales Revenue $9,828.00 (To Record Sales) $6,708.00 Cost of Goods sold Inventory $6,708.00 (To Record Cost of Goods sold)