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Brief Exercise 8-2 Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 73 units that cost $49 each. During June, (1) the company purchased 218 units at $49 each, (2) returned 9 units for credit, and (3) sold 181 units at $73 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.) No. Account Titles and Explanation Debit Credit (1)               (2)               (3)                 (To record sales)                       (To record cost of goods sold)

Brief Exercise 8-2 Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 73 units that cost $49 each. During June, (1) the company purchased 218 units at $49 each, (2) returned 9 units for credit, and (3) sold 181 units at $73 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.) No. Account Titles and Explanation Debit Credit (1)               (2)               (3)                 (To record sales)                       (To record cost of goods sold)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brief Exercise 8-2

Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 73 units that cost $49 each. During June, (1) the company purchased 218 units at $49 each, (2) returned 9 units for credit, and (3) sold 181 units at $73 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.)

No.
Account Titles and Explanation
Debit
Credit
(1)
 
 
 
 
 
 
 
(2)
 
 
 
 
 
 
 
(3)
 
 
 
 
 
 
 
 
(To record sales)
    
 
 
 
 
 
 
 
 
 
(To record cost of goods sold)
  
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