Sharon 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:

Part No. Quantity on Hand Cost per Unit

KT88..........................................7.......................$18.50

EL34.........................................21........................16.40

12AX7........................................6.........................7.70

Your job is to do the following:

1. Enter the beginning balances in the inventory record forms; beginning inventory is $520.10

2. Journalize and post the following transactions.

201X

Apr. 10 Purchased the following on account:

Part No. Quantity Cost per Unit

KT88............................25.................$18.50

12AX7..........................34....................7.70

11 Sold 5 number KT88 units for cash at a selling price of $28.50 each.

13 Sold the following for cash:

Part No. Quantity Sales Price per Unit

KT88............................16........................$28.50

EL34..............................7..........................25.00

12AX7..........................11..........................12.40

15 A customer brought back 1 of the KT88 units bought 2 days ago because they did not work.

16 Sharon Electronics sent back to the vendor the faulty KT88 units that the customer brought back.