Record the period-end adjustment to cost of goods sold

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Reference no: EM131521085

Question: Refer to the transactions in E6-8.

Required: 1. Record the transactions of Sundance Systems, assuming the company uses a periodic inventory system.

2. Record the period-end adjustment to cost of goods sold on July 31, assuming the company has no beginning inventory

E6-8: Sundance Systems has the following transactions during July.

July 5 Purchases 20 laptop computers on account from Red River Supplies for $1,500 each, terms 3/10, n/30.

July 8 Returns to Red River two laptops that had defective hard drives.

July 13 Pays the full amount due to Red River.

July 28 Sells remaining 18 laptops purchased on July 5 for $2,000 each on account.

Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.

Reference no: EM131521085

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