Assume Webster Company buys bicycle helmets at a unit cost of $33 and sells them at a unit price of $53. There was no inventory at the beginning of the period . Required: Prepare the journal entries to record the following A. Purchased 240 units for cash assuming the perpetual inventory system is used B. Purchased 240 units for cash assuming the periodic inventory system is used. C. Sold 240 units for cash assuming the perpetual inventory system is used Sold 240 units for cash assuming the periodic inventory system is used.

On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system

C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.

Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?

Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $21,220. A. purchased merchandise inventory on account, $9,900 B. paid vendors for part of inventory purchased earlier in month, $6,500 C. purchased merchandise inventory for cash, $4,750

Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase transactions from an invoice Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc); Requirements Journalize the transaction required by Kingston Tires on September 23, 2018. Do not round numbers to the nearest whole dollar. Assume tires are purchased on account. Journalize the return on Kingston’s books on September 28, 2018, of the D39–X4 Radials, which were ordered by mistake. Do not round numbers to the nearest Whole dollar. Journalize the payment on October 1, 2018, to Fields Distribution, Inc. Do not round numbers to the nearest whole dollar.

Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank.

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase transactions—periodic inventory system Consider the following transactions for Garman Packing Supplies: Requirements Journalize the purchase transactions assuming Carman Packing Supplies uses the periodic inventor)'system. Explanations are not required. What is the amount of net purchases?

Consider the following transactions for BigGuy Toys: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost BigGuy Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 6: BigGuy Toys purchased $112,300 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Date Jan. 6 Accounts Transactions Jan. 6 Jan. 13 Debit Credit BigGuy Toys purchased $112,300 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. BigGuy Toys returned $11,150 of the merchandise to ConnectABlock due to damage during shipment. Jan. 16 BigGuy Toys paid the amount due, less the return and discount. Print Done ☑

A company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory for cash of $2,100. Under the perpetual inventory​ system, which accounts will be debited to record the​ sale?