Sundance Systems has the following transactions during July. July 5 Purchases 40 LCD televisions on account from
Question:
July 5 Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.
July 8 Returns to Red River two televisions that had defective sound.
July 13 Pays the full amount due to Red River.
July 28 Sells remaining 38 televisions from July 5 for $3,000 each on account.
Required:
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.
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July 5 Debit Credit Inventory 100000 Accounts Payable 100000 Purchase inventory on account July ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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