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Tamarisk Company uses a perpetual inventory system. Its beginning inventory consists of 90 units that cost $61 each. During June, (1) the company purchased 270 units at $61 each on account, (2) returned 11 units for credit, and (3) sold 225 units at $90 each on account. Journalize the June transactions.

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Answer:

1. Dr Inventory $16,470

Cr Accounts payable $16,470

2. Dr Accounts payable $671

Cr Inventory $671

3.Dr Accounts receivable $6250

Cr Sales $6250

Dr Cost of goods sold $20,250

Cr Inventory $20,250

Explanation:

Preparation of the journal entries

1. Dr Inventory (270 * $61) $16,470

Cr Accounts payable $16,470

(To record purchase)

2. Dr Accounts payable (11* $61) $671

Cr Inventory $671

(To record purchase returns)

3.Dr Accounts receivable $6250

Cr Sales (125 * $50) $6250

(To record sales)

Dr Cost of goods sold (225 * $90) $20,250

Cr Inventory $20,250

(To record COGS)

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