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Determine the balance of the Inventory account for June

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Reference no: EM132615319

Question - Sandy Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Sandy uses a perpetual inventory system.

June 1 Purchased 18 water tubes for $250 each terms n/30 FOB destination.

June 8 Returned 2 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes.

June 10 Freight charges of $85 for the June 1 transaction are paid by the responsible party.

June 11 Made a complaint about competitive pricing. Received a $200 credit for the water tubes purchased on June 1.

June 15 Purchased 92 water tubes for $225 each terms 2/10 n/30.

June 18 Made payment for the amount owing for the June 1 transaction.

June 20 Made payment for the amount owing for the June 15 transaction.

Instructions -

a) Journalize the transactions using the perpetual inventory system.

b) Determine the balance of the Inventory account for June. (There was no inventory at the beginning of the period.)

Reference no: EM132615319

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