Eastland Company maintains a perpetual inventory system. On June 5, Eastland purchased 1,000 inventory units at $3 each, on account. On June 9, Eastland sold 500 units for $7 each, on account. Eastland's inventory method assessed the cost of units sold as $4 each. What is the proper journal entry for Eastland on June 9?

Answer rating: 100% (QA)

The sale of 500 units on June 9 will result in a decrease in inventory and an increa... View the full answer