Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on F...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000.
Record the purchase of inventory on account.
Record the sale of inventory on account.
Record the cost of goods sold.
Homework Answers
Answers
| Accounts title | Debit | Credit | |
| Feb-02 | Purchases | $22,000 | |
| Accounts Payable | $22,000 | ||
| (to record purchases) | |||
| Mar-17 | Accounts receivables | $42,000 | |
| Sales | $42,000 | ||
| (to record sale) | |||
| Mar-17 | No entry would be there to record Cost of Goods Sold under Periodic method after each sale. | ||
| The Cost of Goods Sold is recorded as adjustment to year end physical inventory. |
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Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on F...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
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Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $32.000 and then sols this inventory on account on March 17 for Record transactions for the purchase and sale of inventory Of ne entry is required for a transaction event, select "No journal entry required in the first account Red.) View transaction ist Journal entry worksheet Record the purchase of inventory on account Note: Errors before credits...
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2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
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