Rally Auto Supplies Company Uses a Perpetual Inventory System

question 44

Essay

Rally Auto Supplies Company uses a perpetual inventory system.Journalize the following sales transactions for this company.Explanations are not required.
$\begin{array}{|l|l|}\hline \text { June 10 } & \text { Sold } \$ 14,800 \text { of merchandise on account, } 17 / 30 \text {. Cost of goods is } \$ 6,200 . \\\hline \text { June } 14 & \$ 400 . \\\hline & \text { Received a } \$ 900 \text { sales return from the customer. Cost of the goods is } \\\hline \text { June } 20 & \text { due from the June } 10 \text { sale. } \\\hline\end{array}$

---

Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that producers are willing to sell.

Battery Packs

Devices composed of multiple batteries or cells configured together to provide the required voltage, current, and energy density for electronic devices.

Electric And Hybrid Autos

Vehicles that use electricity and/or a combination of electricity and traditional fuels as their power source, aiming for improved fuel efficiency and reduced emissions.

Surplus

The amount by which quantity supplied exceeds quantity demanded at a given price, leading to excess supply.