ACC 304 Week 1 Chapter 8 Homework For more course tutorials visit www . tutorialrank . com
7 ) Make the entry to record the partial refunding . Assume Latty Co . makes reversing entries when appropriate . ( Credit account titles are automatically indented when the amount is entered . Do not indent manually .)
8 ) Prepare the adjusting entry at December 31 , assuming straight-line amortization of the discount . ( Credit account titles are automatically indented when the amount is entered . Do not indent manually .)
Date Account Titles and Explanation Debit
Credit =======================================
ACC 304 Week 1 Chapter 8 Homework For more course tutorials visit www . tutorialrank . com
1 ) Matlock Company uses a perpetual inventory system . Its beginning inventory consists 50 units that cost $ 34 each . During June , ( 1 ) the company purchased units at $ 34 each , ( 2 ) returned 6 units for credit , and ( 3 ) sold 125 unit at $ 50 each . Journalize the June transactions .