Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.July 8 Returns to Red River two televisions that had defective sound.July 13 Pays the full amount due to Red River.July 28 Sells remaining 38 televisions from July 5 for $3,000 each on account.Required:Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.

Sundance Systems has the following transactions during July.July 5 Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30.July 8 Returns to Red River two televisions that had defective sound.July 13 Pays the full amount due to Red River.July 28 Sells remaining 38 televisions from July 5 for $3,000 each on account.Required:Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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