Sundance Systems has the following transactions during July. July 5 Purchases 20 laptop computers on account from
Question:
July 5 Purchases 20 laptop computers on account from Red River Supplies for $1,500 each, terms 3/10, n/30.
July 8 Returns to Red River two laptops that had defective hard drives.
July 13 Pays the full amount due to Red River.
July 28 Sells remaining 18 laptops purchased on July 5 for $2,000 each on account.
Required:
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.
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Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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