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 inventory follow:

Your job is to do the following:
1. Enter the preceding beginning balances in the inventory record forms; beginning inventory is $484.00.
2. Journalize and post the following transactions.
Nov. 10 Purchased the following on account:

11 Sold 5 number KT88 units for cash at a selling price of $27.00 each. ( Hint: Remember to record both the revenue and the cost. The cost data will be found in the inventory record form for this part number. Don’t forget to update the form.)
13 Sold the following for cash:

15 A customer brought back 2 of KT88 bought two days ago because they did not work.
16 Salem Electronics sent back to the vendor the faulty KT88s that the customer broughtback.
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  • CreatedApril 24, 2014
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