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 the inventory follow:

Your job is to do the following:

1. Enter the beginning balances in the inventory record forms; beginning inventory is $422.

2. Journalize and post the following transactions.

Transcribed Image Text:

Part No. Quantity on Hand Cost per Unit KT88 7 $19.00 EL34 22 12.00 12AX7 5 5.00