Question

Teal Mountain, Inc uses a perpetual inventory system, Its beginning inventory consists of 270 units that cost $200 each During August, the company purchased 370units at $200 each, returned 10 units for credit, and sold 520 units at $360 each Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered De not indent manualy) Account Titles and Explanation Debit Credit (To record purchase of inventory) (To record purchase return of inventory) (To record sales) (To record cost of goods sold)

Answer 1

$74000 → - $ 74000 - $2000 Inventory (370x200); Accounts Payable (to record purchase of inventory) Accounts Payable $2000 Inventoru bo? (To record purchase return of inventory Accounts Receivable $187200 - Sales Revenue :: (lo record sales) Cost of goods sold 104000 - Inventory (to record cocs) - $187200 → 104000