Tamarisk Company uses a perpetual inventory system. Its beginning inventory consists of 105 units that cost
$71 each. During June, (1) the company purchased 315 units at $71 each, (2) returned 13 units for credit, and (3) sold 263 units at $105 each.
Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(To record sales)
(To record cost of goods sold)
The first entry is to record the purchases. The journal entry is to debit inventory and credit accounts payables. 1. Dr... View the full answer