Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in the inventory follow:

Your job is to do the following:
1. Enter the beginning balances in the inventory record forms; beginning inventory is $477.00.
2. Journalize and post the following transactions.
201X
Feb. 10 Purchased the following on account:

11 Sold 6 number KT88 units for cash at a selling price of $28.00 each.
13 Sold the following for cash:

15 A customer brought back 3 of the KT88 units bought two days ago because they did not work.
16 Salem Electronics sent back to the vendor the faulty KT88 units that the customer broughtback.

Transcribed Image Text:

Part No. KT88 EL34 12AX7 Quantity on Hand Cost per Unit $18.00 15.00 9.00 24 Part No. antity Cost per Unit KT88 12AX7 $18.00 9.00 26 38 Quantity Part No. KT88 EL34 12AX7 Sales Price per Unit $28.00 24.00 13.00 10 16