Question: On June 5 Staley Electronics purchases 200 units of inventory

On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer examination, Staley determines 40 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $35 each.

Required:
Record transactions for the purchase, return, and sale of inventory.


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  • CreatedJuly 15, 2014
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