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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
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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.