Exercise $6-7($Algo$)$ Record inventory purchase and purchase return using a perpetual system $($LO$6-5)$

On June $5,$ Staley Electronics purchases $190$ units of inventory on account for $$19$ each. After closer examination, Staley determines $40$ units are defective and returns them to its supplier for full credit on June $9.$ All remaining inventory is sold on account on June $16$ for $$33$ each.

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Hont

References

Required:

Record transactions for $($a$)$ the purchase of inventory on account, $($b$)$ the return of defective inventory, and $($c$)$ the sale of inventory on account using a perpetual system. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$(1)2\{\begin{array}{c}\text{:}[2]\\ 4\end{array}$

Record the return of inventory purchased.

Note: Enter debits before credits.

General Journal

Debit

Credit