LESSON 10: THE PERPETUAL SYSTEMACTIVITY L. Give the necessary journal entries under the periodic inventory system and theperpetual inventory system.Bum Supplies purchases P 150,000 worth of merchandise from Clumsy Traders on account,terms 1/10, n/30 on August 15. P 20,000 worth of damage goods were returned to ClumsyTraders the following day. Full payment was made on August 25.Periodic InventoryPerpetual InventoryAug 151625

Name: LESSON 10: THE PERPETUAL SYSTEMACTIVITY L. Give the necessary journal
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Description: LESSON 10: THE PERPETUAL SYSTEMACTIVITY L. Give the necessary journal entries under the periodic inventory system and theperpetual inventory system.Bum Supplies purchases P 150,000 worth of merchandise from Clumsy Traders on account,terms 1/10, n/30

The term of purchase, 1/10, n/30, means that 1% discount is available if the payment is made within…

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Accounting

0: THE PERPETUAL SYSTEM journal entries under the periodic inventory system 0 worth of merchandise from Clumsy Traders

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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