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Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that cost $210 each. During August, the company purchased 310 units
Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that cost $210 each. During August, the company purchased 310 units at $210 each, returned 6 units for credit, and sold 410 units at $360 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inventory 48300 Accounts Payable 48300 (To record purchase of inventory) Accounts Payable 1260 Inventory 1260 (To record purchase return of inventory) Accounts Receivable 137600 TAN Sales Revenue 137600 (To record sales) Cost of Goods Sold 90300 Inventory 90300
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