Question
Waikele Premium Sunglasses had the following transactions in November. The beginning inventory on 1 November consisted of 120 pairs of sunglasses at $90 each. Nov.
Waikele Premium Sunglasses had the following transactions in November. The beginning inventory on 1 November consisted of 120 pairs of sunglasses at $90 each.
Nov. 3 | The business purchased 100 pairs of sunglasses from Honolulu Sunglasses Factory for $90 each on credit. |
Nov. 7 | Waikele Premium Sunglasses returned 6 pairs of sunglasses that were wrong brand. |
Nov.10 | Sold 50 pairs of sunglasses for $140 on account. |
Nov. 17 | A customer returned 2 pairs of glasses sold on 10 November. |
Required: Using the perpetual inventory system, record the above transactions in the general journal of Waikele Premium Sunglasses. Narrations are required. (13 marks)
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