Required: Prepare journal entries to record the following four transactions for the Labatt Company using the perpetual inventory method. (Omit explanations for the entries.) June 1 - purchased on account inventory costing $10,000 terms 4/10 n/30. June 9 - returned inventory costing $1,000 that was purchased on June 1. June 10 - paid for the merchandise purchased on June 1. June 15 - sold one half of its inventory for $8,000 on account. (Assume the inventory purchased on June 1 was the company's only inventory.) Solution: Date Account Debit Credit 1-Jun 9-Jun 10-Jun 15-Jun

Solution:
Date	Account	Debit	Credit
1-Jun
9-Jun
10-Jun
15-Jun