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7 During its first year of operotions, Eite Appliances bought appliances from a manufacturer on account at a cost of $610.000 Elite returned $154,000 of
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During its first year of operotions, Eite Appliances bought appliances from a manufacturer on account at a cost of $610.000 Elite returned $154,000 of these appliances to the manufacturer for credit on its occount. Elite then sold $382,000 of the remoning oppliances for cosh or a seling price of $687,000. A customet returned several appliances to Flee fot cesh, which had been sold 10 the customet for 5139000 The appliances were in perfect condeion, so is was put back into Elite's inventory at Ei te's cost of $78,000. Prepare journal entries to record these transactions, astuming Elte uses a perpetual inventory systemn. Journal entry worksheet Recoed the purchase of vehicles from a manuta cturer on accourt for $610,000, Noter Enter depits bufore ceediti. Journal entry worksheet 6 Record the return of vehicles to the manufacturer at $154,000. Note: Enter debits before credits. Journal entry worksheet 2 45 Record the sale of vehicles at $687,000. Note: Entar- debits before eredits. Journal entry worksheet Record the cost of vehicles sold at $382,000. Note: Enter debits before credits. Journal entry worksheet Record the return of the vehicle by a customer at $139,000. Fotet Enter debits before creditax entry worksheet 12 Record the cost of the vehicle returned at $78,000. Notel Enter deblt before credits Step by Step Solution
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