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Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned
Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned 7 units for credit, and sold 150 units at $203 each on account.
Journalize the September transactions, assuming that Flint Ltd. uses a perpetual inventory system. The first picture is complete and right. I need help with the second one. Thank you so much in advance.
Account Titles and Explanation Debit Credit Inventory 20600 Accounts Payable 20600 (To record purchase on account) Accounts Payable 700 Inventory 700 (To record purchase return) Accounts Receivable 30450 Sales Revenue 30450 (To record sales on account) Cost of Goods Sold 15000 Inventory 15000 | Activate Wir Go to Settings to (To record cost of goods sold) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Activate Win Go to Settings to (To record sales on account)
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