Business, 09.07.2021 04:20 rileigh2302

On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each. After closer examination, Staley determines 20 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $15 each. Required:Record transactions for the purchase, return, and sale of inventory.

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Answer from: lex68259100

See the journal entries below.

Explanation:

First, we have:

Units of inventory purchased = 100

Units of inventory returned = 20

Units of inventory sold = Units of inventory purchased - Units of inventory returned = 100 - 20 = 80

Therefore, the journal entries will be as follows:

Date Details Debit ($) Credit ($)

June 5 Inventory (100 * $10) 1,000

Accounts payable 1,000

(To inventory purchased on account.)

June 9 Accounts payable (20 * $10 ) 200

Inventory 200

(To record inventory return.)

June 16 Account receivable (80 * $15) 1,200

Sales 1200

(To record sales on account.)

Cost of goods sold (80 * $10) 800

Inventory 800

(To record cost of goods sold on account)

Answer from: Quest

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported

Answer from: Quest

Ibelieve it would be choice a ($24,630)

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On June 5, Staley Electronics purchases 100 units of inventory on account for $10 each. After closer...

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