Question

On June 5, Staley Electronics purchases 210 units of inventory on account for $21 each. After closer examination, Staley determines 30 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 $37 each.

Answer 1

Answer:

journal entry for every date be below

Explanation:

solution

journal entry for every date is here

date          particular                                             Debit                 credit

June 5      Purchase Inventory  ( 210× $21 )      $4410

                to cash/bank                                                                  $4410

       ( 210 inventory purchased at $21 each)

June 9      cash/bank A/c   ( 30 × $21 )                $630

                 Purchases Returns  (Inventory ) A/c                             $630

                 ( 30 inventory return )

June 16      cash/bank A/c  210 -30 × ($37 )        $6660

                  Cost of good sold 210 -30 × ($21 )    $3780

                  sales A/c 210 -30 × ($37 )                                              $6660

                 inventory A/c 210 -30 × ($21 )                                         $3780

                 remaining inventory sold at $37