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Sundance Systems has the following transactions during July. 5 Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30. 8 Returns to Red River six televisions that had defective sound. July July July 13 Pays the full amount due to Red River. July 28 Sells remaining 48 televisions from July 5 for $3,700 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If transaction/event, select "No Journal Entry Required" in the first account field.) no entry is required for a View transaction list Journal entry worksheet > 2 3 1 4 5 Record purchase of 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30 Note: Enter debits before credits. Debit Date General Journal Credit July 05 Clear entry Record entry View general journal

Sundance Systems has the following transactions during July. 5 Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30. 8 Returns to Red River six televisions that had defective sound. July July July 13 Pays the full amount due to Red River. July 28 Sells remaining 48 televisions from July 5 for $3,700 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If transaction/event, select "No Journal Entry Required" in the first account field.) no entry is required for a View transaction list Journal entry worksheet > 2 3 1 4 5 Record purchase of 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30 Note: Enter debits before credits. Debit Date General Journal Credit July 05 Clear entry Record entry View general journal

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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Sundance Systems has the following transactions during July. 5 Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30. 8 Returns to Red River six televisions that had defective sound. July July July 13 Pays the full amount due to Red River. July 28 Sells remaining 48 televisions from July 5 for $3,700 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If transaction/event, select "No Journal Entry Required" in the first account field.) no entry is required for a View transaction list Journal entry worksheet > 2 3 1 4 5 Record purchase of 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30 Note: Enter debits before credits. Debit Date General Journal Credit July 05 Clear entry Record entry View general journal
Transcribed Image Text:Sundance Systems has the following transactions during July. 5 Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30. 8 Returns to Red River six televisions that had defective sound. July July July 13 Pays the full amount due to Red River. July 28 Sells remaining 48 televisions from July 5 for $3,700 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If transaction/event, select "No Journal Entry Required" in the first account field.) no entry is required for a View transaction list Journal entry worksheet > 2 3 1 4 5 Record purchase of 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30 Note: Enter debits before credits. Debit Date General Journal Credit July 05 Clear entry Record entry View general journal
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