Business, 05.03.2021 04:00 484132604

Sundance Systems has the following transactions during July. July 5 Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.
July 8 Returns to Red River two televisions that had defective sound.
July 13 Pays the full amount due to Red River.
July 28 Sells remaining 38 televisions from July 5 for $3,000 each on account.

Required:

Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record purchase of 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.
2.Record return to Red River two televisions that had defective sound.
3.Record payment of the full amount due to Red River.
4.Record the sale of inventory on account.
5.Record the cost of inventory sold.

Answers: 2

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Sundance Systems has the following transactions during July. July 5 Purchases 40 LCD televisions on...

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