Kingbird Company uses a perpetual inventory system. Its beginning inventory consists of 103 units that cost $70 each. During June, (1) the company purchased 308 units at $70 each on account, (2) returned 12 units for credit, and (3) sold 256 units at $103 each. Journalize the June transactions.

Inventory Closing Value is $10080

Explanation:

                                                               Dr.               Cr.

(1) the company purchased 308 units at $70 each on account

Inventory (308 x 70)                             21560

Account Payable / Cash                                         21560

(2)Returned 12 units for credit

Account Payable / Cash                        770

Inventory (11 x 70)                                                       770

(3)Sold 256 units at $103 each.

Account receivable / Cash                   26368

Sales ( 256 x 103)                                                      26368

Cost of Goods sold                                17920  

Inventory Account:                                       Dr.            Cr.            Balance

Opening Balance ( 103 x $70 )                                                         $7210

(1) Purchase                                                 $21560                          $28770

(2) Purchase Return                                                       $770           $28000

(3) Sale                                                                           $17920        $10080

Inventory Closing Value is $10080

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

answer; at prices that violate government price regulations;