Sundance Systems has the following transactions during July.
Purchases 54 LCD televisions on account from Red River Supplies for $3,200 each, terms 2/10, n/30.
|July 8||Returns to Red River six televisions that had defective sound.|
|July 13||Pays the full amount due to Red River.|
|July 28||Sells remaining 48 televisions purchased on July 5 for $3,700 each on account.|
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)