Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 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.)

June (1)

Debit Inventory $8,701

Credit Cash/Accounts Payable $8,701

Being entries to record inventory purchased

June (2)

Debit Accounts Payable $1,078

Credit Inventory $1,078

Being entries to record return of inventory on accounts

June (3)

For sales, the entries required are

Debit Cash/Accounts receivable $31,753

Credit Sales revenue  $31,753

For the inventory aspect,

Debit Cost of sales  $21,637

Credit Inventory   $21,637

Explanation:

When a company purchases inventory, the entries required are debit Inventory and Credit Cash/Accounts Payable. When inventory is returned, the reverse entries earlier posted are posted to account for the return.

When Sales are made,there are two sides to it, one with reference to sale, the other with reference to Inventory.

For sales, the entries required are

Debit Cash/Accounts receivable

Credit Sales revenue

For the inventory aspect,

Debit Cost of sales

Credit Inventory

During June, (1)

Amount of inventory purchased

= 113 × $77

= $8,701

During June, (2)

Amount returned on credit

= 14 × $77

= $1,078

During June, (3)

Revenue earned = 281 × $113

= $31,753

Cost of goods sold = 281 × $77

= $21,637

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