Question
Shankar Company uses a perpetual system to record inventory transactions. The company purchases 3,000 units of inventory on account on February 2, 2012, for $105,000
| Shankar Company uses a perpetual system to record inventory transactions. The company purchases 3,000 units of inventory on account on February 2, 2012, for $105,000 ($35 per unit) but then returns 70 defective units on February 5, 2012. |
| Record the inventory purchase on February 2 and the inventory return on February 5.(Omit the "$" sign in your response.) |
| Date | General Journal | Debit | Credit |
| Feb. 2, 2012 | n/r | n/r | |
| n/r | n/r | ||
| Feb. 5, 2012 | n/r | n/r | |
| n/r | n/r |
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
