Question
Sundance Systems has the following transactions during July. July 5 Purchases 48 LCD televisions on account from Red River Supplies for $2,900 each, terms
Sundance Systems has the following transactions during July. July 5 Purchases 48 LCD televisions on account from Red River Supplies for $2,900 each, terms 3/10, n/30. July 8 Returns to Red River three televisions that had defective sound. July 13 Pays the full amount due to Red River. July 28 Sells remaining 45 televisions from July 5 for $3,400 each on account. Required: Record the transactions of Sundance Systems, 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.)
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Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
3rd edition
9780077506902, 78025540, 77506901, 978-0078025549
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