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

Name: A company uses a perpetual system to record inventory transactions. T
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On March 24, 2021, blue Company purchased merchandise with an invoice price of 48,000 and terms of 3/10, n/30 from red Company.blue Company is using the periodic inventory system and applying the net method in recording merchandise transactions. blue pays redhalf of the invoice price on March 31, 2021 and the remaining half on April 15, 2021.1. What is the journal entry in the books of blue on March 24, 2021?2. What is the journal entry in the books of blue on April 15, 2021??
please enter the journal entries
need to enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. include margin explanations for the changes in revenues and expenses please answer in text with workings and steps
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $50,000 and then sells this inventory on account on March 7, 2021, for $70,000. 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.)
Please help me
At year-end, the perpetual inventory records of Marigold Company showed merchandise inventory of $100,600. The company determined, however, that its actual inventory on hand was $96,900.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
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…
Recording Inventory Purchases and Sales on Account Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $56,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $288 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $22,400 of inventory during the first week of January 2020, to customers for $40,000, with a sales tax rate of 5%. Of the total sales for the week, 30% are cash sales, and 70% are credit sales (n/30). c. On January 14, 2020, Shoppers Inc. pays the balance for purchases on account. d. Assume instead that Shoppers Inc. sells $24,000 of inventory during the first week of January 2020 to customers for $44,800, which includes a 5% sales tax. Of the total sales for the week, 30% are cash sales, and…
Selected accounts and amounts appear below. Inventory Cost of Goods Sold Journalize the closing entry, assuming a perpetual inventory system. If an amount box does not require an entry, leave it blank. Cash Cost of Goods Sold $46,193 501,246 Dividends Inventory Sales
Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10,n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation No. (a) (b) (c) Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Debit 45,000 3,000 42,000 Credit 45,000 3,000 41,160 840
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end