Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www for any company. Search for the notes regarding their inventory valuation method(s) an Each st should use a differe
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- Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…Using the accounts listed below, review the following transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sep. 6: Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. DR CR Sep. 8: Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. DR CR Sep. 10: Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. DR CR Sep. 10: Birdy also discovers…Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable| Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR CR Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. DR CR Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR CR Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5…
- Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR…Recording transactions—purchases journal Requirements Prepare headings for a purchases journal. Journalize the transactions that should be recorded in the purchases journal. The company uses the perpetual inventory system. Total each column of the purchases journal.
- Using the chart of accounts, prepare a journal entry under perpetual inventory system. Thank you!Using the accounts listed below, record journal entries for the following transactions for Dish Mart, which uses the perpetual inventory system:Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.Solutions needed of the attached image immediately thanks.
- Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under perpetual inventory system. Thank you!Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ayayai Inc's books. Ayayai uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Jan. 2 Ayayai purchased goods for $53,100 from Fundy Corp., terms n/45, FOB destination. The appropriate company paid freight costs of $1,100. 6 Ayayai returned $7,080 of the goods purchased on January 2, because they were not needed. 11 Ayayai paid the balance owed to Fundy. Date Account Titles and Explanation Debit CreditPrepare the journal entries to record these transactions on the book of Swifty cO.under a perpetual inventory system