FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All purchases and sales were on account. Kluxon later collected 40% of the accounts receivable.
1. Journalize these transactions for Kluxon, which uses the perpetual inventory system.
2. For these transactions, show what Kluxon will report for inventory, revenues, and expenses on its financial statements. Report gross profit on the appropriate statement.
1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.)
Journalize the purchase of inventory.
Accounts
Journal
Debit
CO
Credit
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Transcribed Image Text:Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All purchases and sales were on account. Kluxon later collected 40% of the accounts receivable. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. 2. For these transactions, show what Kluxon will report for inventory, revenues, and expenses on its financial statements. Report gross profit on the appropriate statement. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journalize the purchase of inventory. Accounts Journal Debit CO Credit
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