On June 5, Staley Electronics purchases 170 units of inventory on account for $17 each. After closer examination, Staley determines 30 units are defective and returns them to its supplier for full credit on June 9 . All remaining inventory is sold on account on June 16 for $29 each. Required: Determine the financial statement effects of transactions for the purchase of inventory on account, return of defective inventory, and sale of inventory on account using a perpetual system. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of transactions for the purchase of inventory on account using a perpetual system. Note: Amounts to be deducted should be indicated with a minus sign. On June 5, Staley Electronics purchases 170 units of inventory on account for $17 each. After closer examination, Staley determines 30 units are defective and returns them to its supplier for full credit on June 9 . All remaining inventory is sold on account on June 16 for $29 each. Required: Determine the financial statement effects of transactions for the purchase of inventory on account, return of defective inventory, and sale of inventory on account using a perpetual system. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of transactions for the return of defective inventory using a perpetual system. Note: Amounts to be deducted should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of transactions for the sale of inventory on account using a perpetual system. Note: Amounts to be deducted should be indicated by a minus sign