Answer:
June 1
Dr Inventory $1,280
Cr Accounts Payable $1,280
June 3
Dr Accounts Receivable $1,400
Cr Sales Revenue $1,400
Dr Cost of good sold $800
Cr Inventory $800
June 6
Dr Accounts Payable $80
Cr Inventory $80
June 9
Dr Accounts Payable $1,200
Cr Inventory $24
Cr Cash $1,176
June 15
Dr Cash $1,400
Cr Accounts receivable $1,400
June 17
Dr Accounts receivable $1,100
Cr Sales Revenue $1,100
Dr Cost of Goods sold $950
Cr Inventory $950
June 20
Dr Inventory $800
Cr Accounts payable $800
June 24
Dr Cash $1,078
Dr sales discount $22
Cr Accounts receivable $1,100
June 26
Dr Accounts Payable $1,200
Cr Inventory $24
Cr Cash $1,176
June 28
Dr Accounts Receivable $1,550
Cr Sales $1,550
Dr Cost of goods sold $800
Cr Inventory $800
June 30
Dr Sales returns and allowances $200
Cr Accounts Receivable $200
Dr Inventory $70
Cr Cost of goods sold $70
Explanation:
June 1
Dr Inventory $1,280
Cr Accounts Payable $1,280
June 3
Dr Accounts Receivable $1,400
Cr Sales Revenue $1,400
Dr Cost of good sold $800
Cr Inventory $800
June 6
Dr Accounts Payable $80
Cr Inventory $80
June 9
Dr Accounts Payable $1,200
($1,280-$80)
Cr Inventory $24
(2%*$1,200)
Cr Cash $1,176
($1,200-$24)
June 15
Dr Cash $1,400
Cr Accounts receivable $1,400
June 17
Dr Accounts receivable $1,100
Cr Sales Revenue $1,100
Dr Cost of Goods sold $950
Cr Inventory $950
June 20
Dr Inventory $800
Cr Accounts payable $800
June 24
Dr Cash $1,078
($1,100-$22)
Dr sales discount $22
(2%*$1,100)
Cr Accounts receivable $1,100
June 26
Dr Accounts Payable $1,200
($1,280-$80)
Cr Inventory $24
(2%*$1,200)
Cr Cash $1,176
($1,200-$24)
June 28
Dr Accounts Receivable $1,550
Cr Sales $1,550
Dr Cost of goods sold $800
Cr Inventory $800
June 30
Dr Sales returns and allowances $200
Cr Accounts Receivable $200
Dr Inventory $70
Cr Cost of goods sold $70
