Exercise 6-10 Record Transactions Using A Perpetual System (LO5)

Exercise 6-10 Record Transactions Using A Perpetual System (LO5). Sundance Systems has the following transactions during July.

July 5	Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30.
July 8	Returns to Red River six televisions that had defective sound.
July 13	Pays the full amount due to Red River.
July 28	Sells remaining 48 televisions purchased on July 5 for $3,700 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.)

Solution:

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