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On June 5, Staley Electronics purchases 220 units of inventory on account for $22 each. After closer examination, Staley determines 20 units are defective and
On June 5, Staley Electronics purchases 220 units of inventory on account for $22 each. After closer examination, Staley determines 20 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 $39 each. Required: Record transactions for the purchase, return, and sale of inventory assuming the company uses a perpetual inventory system, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits. Record the return of inventory purchased. Note: Enter debits before credits. Journal entry worksheet
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