Question: Salem Electronics an electronics supply company uses the perpetual inventory

Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in the inventory follow:

Your job is to do the following:
1. Enter the beginning balances in the inventory record forms; beginning inventory is $477.00.
2. Journalize and post the following transactions.
Feb. 10 Purchased the following on account:

11 Sold 6 number KT88 units for cash at a selling price of $28.00 each.
13 Sold the following for cash:

15 A customer brought back 3 of the KT88 units bought two days ago because they did not work.
16 Salem Electronics sent back to the vendor the faulty KT88 units that the customer broughtback.
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  • CreatedApril 24, 2014
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