Question

please answer with accordance to the schedule

Question Two: (25 Marks: 5 marks each): On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 80 backpacks at $20 each from Hunter, terms 2/10, n/30. Sept. 6 Received credit of $120 for the return of 6 backpacks purchased on Sept. 4 that were defective. Sept. 9 Sold 40 backpacks for $25 each to Oliver Books, terms 2/10, n/30. Sept. 14 Paid Hunter in full, less discount. Instructions Post the above transactions to the ledger of Inventory account in Reid Supply books and find the ending balance. The beginning balance is added to the T account already. Dr Sep. 1st Inventory $300 Cr Sep 30

Answer 1

Machgodbe_Inventory Merchandise Invegheny is also known as supplies. Inventory is the soul of the operations of the organisation Inventory helps to call the profit to the organisation by selling 11. An organisation prachares the inventong and sells it to each the income? At the you end, an organisation reports inventory in the timecial stateřents plying prasiple_of_loceed ofost or market prius This_principle based on the counting conservatism. policiale I._purchase of lpverley insepses the stock of inventory whewe. q sale of iqventory reluces the stock