Question: 2C distributes laptops to retail stores and extends credit terms 3/15, n/60 to all its customers. During the month of June 2021, the following merchandising

2C distributes laptops to retail stores and extends credit terms 3/15, n/60 to all its customers. During the month of June 2021, the following merchandising transactions occurred:

June 12: Purchased merchandise from KG-Co on account for $12,000, terms 1/10, n/35; FOB shipping point, the appropriate party made a cash payment of $220 for freight.

June 14: Sold merchandise to LT Co on account for $34,000 FOB destination. The cost of goods sold is $22,000. The appropriate party made a cash payment of $110 for freight.

June 17: Received a credit note of $2,300 from KG-Co for merchandise returned.

June 19: Paid KG-Co in full.

June 23: Granted LT Co $600 credit for merchandise returned costing $450.

June 26: Received payment in full from LT Co.

Instructions:

(a) Journalize June's transactions using a perpetual inventory system.

(b) Record the appropriate adjusting entry on June 30 assuming that your theoric ending inventory before adjustment is $18,000 while your physical count reveals an actual ending inventory of $20,000.

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