BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse. July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) Journalize the transactions for the month of July, assuming the company uses a: - Periodic inventory system - Perpetual inventory system
BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse. July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) Journalize the transactions for the month of July, assuming the company uses a: - Periodic inventory system - Perpetual inventory system
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory.
|
July 8 |
98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse. |
|
July 31 |
The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) |
- Journalize the transactions for the month of July, assuming the company uses a:
- Periodic inventory system
- Perpetual inventory system
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