Omari Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Omari uses a perpetual inventory system.
June 1 Purchased 18 water tubes for $250 each terms n/30 FOB destination.
8 Returned 2 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes.
10 Freight charges of $85 for the June 1 transaction are paid by the responsible party.
11 Made a complaint about competitive pricing. Received a $200 credit for the water tubes purchased on June 1.
15 Purchased 92 water tubes for $225 each terms 2/10 n/30.
18 Made payment for the amount owing for the June 1 transaction.
20 Made payment for the amount owing for June 15 transaction.
Instructions
a. Journalize transactions using the perpetual inventory system.
b. Determine the balance of the Inventory account for June.

Question

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The Answer of Omari Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Omari uses a perpetual inventory system.
June 1 Purchased 18 water tubes for $250 each terms n/30 FOB destination.
8 Returned 2 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes.
10 Freight charges of $85 for the June 1 transaction are paid by the responsible party.
11 Made a complaint about competitive pricing. Received a $200 credit for the water tubes purchased on June 1.
15 Purchased 92 water tubes for $225 each terms 2/10 n/30.
18 Made payment for the amount owing for the June 1 transaction.
20 Made payment for the amount owing for June 15 transaction.
Instructions
a. Journalize transactions using the perpetual inventory system.
b. Determine the balance of the Inventory account for June.

Omari Company Purchases Various Types of Beach Toys for Sale