Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned 7 units for credit, and sold 150 units at $203 each on account. Journalize the September transactions, assuming that Flint Ltd. uses a perpetual inventory system. Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Flint Ltd. had beginning inventory of
51 units that cost $100 each. During
September, the company
purchased 206 units on account at
$100 each, returned 7 units for
credit, and sold 150 units at $203
each on account.
Journalize the September
transactions, assuming that Flint
Ltd. uses a perpetual inventory
system.
Account Titles and Explanation
(To record purchase on account)
(To record purchase return)
(To record sales on account)
Debit
Credit
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Transcribed Image Text:Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned 7 units for credit, and sold 150 units at $203 each on account. Journalize the September transactions, assuming that Flint Ltd. uses a perpetual inventory system. Account Titles and Explanation (To record purchase on account) (To record purchase return) (To record sales on account) Debit Credit Activate Win Go to Settings to
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