FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information is available for the Johnson Corporation for 2018:
| Beginning inventory | $ | 32,000 | |
| Merchandise purchases (on account) | 162,000 | ||
| Freight charges on purchases (paid in cash) | 17,000 | ||
| Merchandise returned to supplier (for credit) | 19,000 | ||
| Ending inventory | 37,000 | ||
| Sales (on account) | 257,000 | ||
| Cost of merchandise sold | 155,000 | ||
Record cost of merchandise sold 155,000
Record the end of period
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