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August 6 Purchases 78 handheld game devices on account from GameGirl, Inc., for $240 each, terms 1/10, n/60. August 7 Pays $440 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl eight-game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 58 game devices purchased on August 6 for $260 each to customers on account. The total cost of the 58 game devices sold is $14,145.37. Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.

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tanseershar

Answer:

The transactions will be recorded as follows;

Explanation:

August 6.

Inventory(78*240)*99%             Dr.$18,533

Accounts Payable-Game Girl   Cr.$18,533

August 7.

Inventory                    Dr.$440

Bank                           Cr.$440

Aug 10.

Accounts Payable-Game Girl (8*240)*99%    Dr.$1,904

Inventory                                                         Cr.$1,904

August 14.

Accounts Payable($18,533-$1,904)    Dr.$16,632

Bank                                                      Cr.$16,632

August 23.

Account Receivable (58*260)       Dr.$15,080

Sales Revenue                                Cr.$15,080

Cost of Goods Sold             Dr.$14,145

Inventory                              Cr.$14,145

Please note that cash discount's net method is used for sake of recording  

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