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Sundance Systems has the following transactions during July. July 5 Purchases 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10,
Sundance Systems has the following transactions during July.
July 5 | Purchases 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/30. |
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July 8 | Returns to Red River four televisions that had defective sound. |
July 13 | Pays the full amount due to Red River. |
July 28 | Sells remaining 38 televisions from July 5 for $3,100 each on account. |
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system
Sundance Systems has the following transactions during July. July 5 Purchases 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/30. July 8 Returns to Red River four televisions that had defective sound. July 13 Pays the full amount due to Red River. July 28 Sells remaining 38 televisions from July 5 for $3,100 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If no entry is required for transaction/event, select "No Journal Entry Required" in the first account field.)
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