Vaughn Company uses a perpetual inventory system. Its beginning inventory consists of 88 units that cost $60 each. During June, (1) the company purchased 263 units at $60 each on account, (2) returned 11 units for credit, and (3) sold 219 units at $88 each on account. 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
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Chapter1: Financial Statements And Business Decisions
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Vaughn Company uses a perpetual inventory system. Its beginning inventory consists of 88 units that cost $60 each. During June, (1)
the company purchased 263 units at $60 each on account, (2) returned 11 units for credit, and (3) sold 219 units at $88 each on
account.
Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O 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)
Transcribed Image Text:Vaughn Company uses a perpetual inventory system. Its beginning inventory consists of 88 units that cost $60 each. During June, (1) the company purchased 263 units at $60 each on account, (2) returned 11 units for credit, and (3) sold 219 units at $88 each on account. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O 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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