Matlock Company uses a perpetual inventory system. Its beginning inventory consi
ID: 2709801 • Letter: M
Question
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each for credit, (2) returned 6 units, and (3) sold 125 units at $50 each on credit.
Journalize the June transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of goods sold)
No.
Account Titles and Explanation
Debit
Credit
1. 2. 3.(To record sales)
(To record cost of goods sold)
Explanation / Answer
Account titles and explanation Debit $ Credit $ 1) Inventory $ 5,100 Accounts payable $ 5,100 2) Accounts payable $ 204 Inventory $ 204 3) Accounts receivable $ 6,250 Sales reveneue $ 6,250 Cost of goods sold $ 4,250 Inventory $ 4,250