Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 68 units that cost $41 each. During June, the company purchased 203 units at $41 each, returned 8 units for credit, and sold 169 units at $68 each. Journalize the June transactions.

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Description/Account Inventory Accounts payable (To record inventory purchased.) Accounts payable Inventory (To record inventory returned.) Accounts receivable Sales (To record inventory sold.) Cost of goods sold Inventory (To record cost of goods sold.) Debit Credit Description/Account Inventory Accounts payable (To record inventory purchased.) Accounts payable Inventory (To record inventory returned.) Accounts receivable Sales (To record inventory sold.) Cost of goods sold Inventory (To record cost of goods sold.) Debit Credit

Answer rating: 100% (QA)

DescriptionAccount Debit Credit Cost of goods sold Inventory Accounts re... View the full answer