Question

Sundance Systems has the following transactions during July. July 5 Purchases 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/30. July 8 Returns to Red River four televisions that had defective sound. July 13 Pays the full amount due to Red River. July 28 Sells remaining 38 televisions from July 5 for $3,100 each on account. Required: Record the transactions of Sundance Systems, 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.) View transaction list Journal entry worksheet < 1 2 3 4 5 > Record purchase of 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit July 05 Inventory Accounts Payable