Myers entered into the transactions listed below. Select the journal entries the transactions for 18. using the perpetualinventory system.
(1) 4/3 Purchased $1,300 of merchandise inventory (1,300 units @ $1 each) on account.
(2) 4/6 Returned 300 units,due to defects.
(3) 5/1 Sold 600 units for $1,200 on account.
(4) 5/3 Accepted a return of 200 units, due to damage.
(5) 5/31 End of month calculation of ending inventory and cost of goods sold. If no calculation necessary,
note as such.(a physical inventory revealed $600 inventory on hand)
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Trnasaction 1: | ||||
(1) 4/3 Purchased $1,300 of merchandise inventory (1,300 units @ $1 each) on account. | ||||
Solution: | ||||
Journal Entries | ||||
Date | Account Title and explanation | Debit | Credit | |
4/3 | Inventory | $1,300 | ||
Account Payable | $1,300 | |||
Trnasaction 2: | ||||
(2) 4/6 Returned 300 units,due to defects. | ||||
Solution: | ||||
Journal Entries | ||||
Date | Account Title and explanation | Debit | Credit | |
4/3 | Account Payable | $300 | ||
Inventory | $300 | |||
Trnasaction 3: | ||||
(3) 5/1 Sold 600 units for $1,200 on account. | ||||
Solution: | ||||
Journal Entries | ||||
Date | Account Title and explanation | Debit | Credit | |
5/1 | Account Receivable | $1,200 | ||
Sales Revenue | $1,200 | |||
CGS | $600 | |||
Inventory | $600 | |||
Trnasaction 4: | ||||
(4) 5/3 Accepted a return of 200 units, due to damage | ||||
Solution: | ||||
Journal Entries | ||||
Date | Account Title and explanation | Debit | Credit | |
5/1 | Sales Return | $400 | ||
Account Receivable | $400 | |||
Inventory | $200 | |||
CGS | $200 | |||
Trnasaction 5: | ||||
(5) 5/31 End of month calculation of ending inventory and cost of goods sold. | ||||
Ending inventory: | ||||
Purchase | $1,300 | |||
Less: Return | $300 | |||
Less: Sold | $600 | |||
Add: Sales Return | $200 | |||
Ending inventory | $600 | |||
Cost of Goods Sold | ||||
Material Sold | $600 | |||
Less: Sales Return | $200 | |||
Net Cost of Goods Sold | $400 | |||
Cost of Goods Sold = $ 4,00 | ||||
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