Shonkat Company uses a perpetual system to record inventory transactions the company purchases 1000 units of inventory on account on February 2 for $33.000 ($33 per unit) but then returns 50 defective units on February 5
Record the inventory purchase on February 2 ond the inventory return on February 5.
Homework Answers
| Date | Account | Debit | Credit |
| Feb 2 | Merchandise inventory | 33,000 | |
| Accounts Payable | 33,000 | ||
| Feb 5 | Accounts Payable | 1650 | |
| Merchandise inventory | 1650 | ||
| (33*50) |
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Record the inventory purchase on February 2 ond the inventory return on February 5.
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