A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

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Description: A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000.Record the transactions for the pur

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...

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Which of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $37,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet P 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date February 02 Record entry General Journal Clear entry Debit Credit View general journal
es Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of inventory on account. Date February 02 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Required: 1. Journalize the transactions under the periodic inventory system 2. Post the journal entries to the ledger using the following account titles: Cash, Accounts receivables, Accounts payable, Sales, Sales discount, Sales returns & allowances, Purchases, Purchase discounts and Purchase returns & allowances. 3. Prepare the Trial Balance as May 31, 2019. Purchased merchandise for P 50,000 on credit, terms 2/10, n/30 Sold merchandise for P 5,000 on credit, terms 2/30, n/30 Returned P 10,000 of the merchandise purchased on May 6 for credit. Paid merchandise purchased dated May 6, less return and discount. Received payment from the customer of May 10 with less discount. Sold merchandise for P 10,000 on credits, term 2/10, n/30. Customer of May 22 returned P 2,000 of merchandise for credit. Purchased merchandise for P 20,000 on credit, terms n/30. May 6 10 12 15 18 22 27 30
Sandhill Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2019, 2020 and 2021. This information is presented below. Cost Lower-of-Cost-or-Market December 31, 2019 $ 80,040 $ 65,320 December 31, 2020 92,000 90,160 December 31, 2021 89,240 89,240
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $200 to the vendor. The journal entry to record these returns would be:
On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10, n/30. The company pays for the inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lat Journal entry worksheet Record the payment on account. Note: Enter debits before credits Date General Journal Debit Credit June 22:
Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date January 1 January 10 January 20 January 25 January 30 View transaction list Activities Beginning inventory Sales Purchase Sales. Purchase Totals Journal entry worksheet 1 < 3 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO, All sales and purchases are made on account, and no discounts are offered. Record the sale of goods. 4 5 Units Acquired at Cost 240 units @ $16.50- 170 units @ $15.50 380 units @ $ 15.00- 790 units 6 $ 3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 $25.50 e $25.50 190 units 380 units
Prepare the journal entries to record the following transactions on Skysong, Inc.'s books using a perpetual inventory system. On March 2, Riverbed Company sold $932,000 of merchandise on account to Skysong, Inc., terms 3/10, n/30. The cost of the merchandise sold was $592,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation I eTextbook and Media List of Accounts norcal_archives_20....zip On March 6, Skysong, Inc. returned $93,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) A Debit QCA 5.docx Credit response essay.docx N
Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system. On March 2, Blue Company sold $999,000 of merchandise to Crane Company, terms 3/10, n/30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit