Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions.

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Chapter6: Cost Of Goods Sold And Inventory
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Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each.

Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To record purchase of inventory)
(To record purchase return of inventory)
(To record sales)
(To record cost of goods sold)
Transcribed Image Text:Account Titles and Explanation Debit Credit (To record purchase of inventory) (To record purchase return of inventory) (To record sales) (To record cost of goods sold)
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