Brief Exercise 8-2 Bonita Company uses a perpetual inventory system. Its beginni

Question

Brief Exercise 8-2

Bonita Company uses a perpetual inventory system. Its beginning inventory consists of 53 units that cost $36 each. During June, (1) the company purchased 158 units at $36 each, (2) returned 6 units for credit, and (3) sold 131 units at $53 each.

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

(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

No. Account titles and explanation Debit Credit (1) Inventory(158 * $36) $5,688 Accounts payable $5,688 (2) Accounts payable(6 * $36) $216 Inventory $216 (3) Accounts receivable(131 * $53) $6,943 Sales revenue $6,943 Cost of goods sold(131 * $36) $4,716 Inventory $4,716

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