On June 5, Staley Electronics purchases 130 units of inventory on account for $13 each....
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Accounting
On June 5, Staley Electronics purchases 130 units of inventory on account for $13 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 $21 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.) Answer is not complete. No Date General Journal Debit Credit 1 June 05 1,690 Inventory Accounts Payable oo 1,690 2 June 09 Accounts Payable Inventory 3 June 16 Accounts Receivable Sales Revenue 4 June 16 Cost of Goods Sold Inventory
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