Adam Distributing Company uses the perpetual inventory system and engaged in the following transactions during June of the current year (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Adam Distributing Company 2. Suppose the balance in Inventory was $38 000 on June 1. What is the balance in inventory on June 307 Requirement 1. Journalize the transactions on the books of Adam Distributing Company June 3. Purchased office supplies for cash $21,000 (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit June June 7 Purchased inventory on credit terms of 3/10 net eom, $90,000 Journal Entry Date Accounts Debit Credit June We Dalarice inventory on June 302 June 8 Retumed 25 percent of the inventory purchased on June 7 It was not the inventory ordered Journal Entry Date Accounts Debit Credit June June 10. Sold goods for cash, $33,000 (cost, $19,800) Let's enter the sale first Journal Entry Date Accounts Debit Credit June oks The second entry for the transaction of June 10 records the effect on inventory Let's enter that now. Journal Entry Date Accounts Debit Credit June June 13 Sold inventory on credit terms of 2/15, n/45, for $168,000, less a $16,800 quantity discount offered to customers who purchased in large quantities (cost, $100,800). This transaction requires two entries Begin with the sales entry Journal Entry Date Accounts Debit Credit June On June 302 Enter the June 13 transaction's second transaction for the effect on inventory Journal Entry Date Accounts Debit Credit June June 16. Paid the amount owed on account from the purchase of June 7, less the discount and the return (Round your answers to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit June June 17 Received wrong-sized inventory as a sales return from June 13 sale, $26,000, which is the net amount after the quantity discount Adam's cost of the inventory received was $15,600 This transaction also has two parts. Journalize the sale portion of the merchandise return Journal Entry Accounts Date Debit Credit June Next, record the second entry required for the transaction of June 17th the inventory adjustment Journal Entry Date Accounts Debit Credit June Choose from any list or enter any number in the input fields and then continue to the next question June 18. Purchased inventory of $182,000 on account Payment terms were are 2/10, net 30 Journal Entry Date Accounts Debit Credit June June 26 Paid supplier for goods purchased on June 18th (Round your answers to the nearest whole dollar.) Journal Entry Accounts Date Debit Credit June ooks June 28. Received cash in full settlement of the account from the customer who purchased inventory on June 13 (Round your answers to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit June Juno 30. Purchased inventory for cash, $84,000 less a quantity discount of $8 400 plus freight charges of $3200 When entering this transaction, combine all amounts into one entry Journal Entry Date Accounts Debit Credit June Requirement 2. Suppose the balance in Inventory was $38,000 on June 1 What is the balance in inventory on June 302 Books On June 30 the balance in inventory is en liten mer in the Innut falde and then continue to the next letlan More Info -X Lune 3 Purchased office supplies for cash $21,000 7 Purchased inventory on credit terms of 3/10, net eom $90,000 8 Returned 25 percent of the inventory purchased on June 7 It was not the inventory ordered 10 Sold goods for cash, $33,000 (cost, $19,800) 13 Sold inventory on credit terms of 2/15, n/45, for $168000, less a $16,800 quantity discount offered to customers who purchase in large quantities (cost, $100 800) 16 Paid the amount owed on account from the purchase of June 7 less the discount and the return 17 Received wrong-sized inventory as a sales return from June 13 sale, $26,000, which is the net amount after the quantity discount. Adam's cost of the inventory received was $15,600 18 Purchased inventory of $182,000 on account Payment terms were 2/10, net 30 26 Paid supplier for goods purchased on June 18 28 Received cash in full settlement of the account from the customer who purchased inventory on June 13 30 Purchased inventory for cash, $84,000 less a quantity discount of $8,400, plus freight charges of $3,200 Print Done