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Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 30,000 160,000 15,000 17,000 35,000 255,000 153,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.

Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 30,000 160,000 15,000 17,000 35,000 255,000 153,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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one for perpetual and one for periodic THE JURUWIyou avanauit IV a Lumpany. Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold Complete this question by entering your answers in the tabs below. Perpetual System Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. View transaction list Journal entry worksheet < Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 2 Note: Enter debits before credits Transaction Show Transcribed Text Record merchandise purchased on account for $160,000. 3 Ending inventory Sales (on account) Cost of inventory sold Perpetual System the runwiny normation is available for a company. Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) < Periodic System View transaction list 4 General Journal 5 Complete this question by entering your answers in the tabs below. Journal entry worksheet 3 Note: Enter debits before credits Transaction 4 6 5 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. c Debit 6 Record merchandise purchased on account for $160.000. General Journal 4 Applying a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. c $ 30,000 160,000 15,000 17,000 Debit 35,000 255,000 153,000 Credit $ 30,000 160,000 15,000 17,000 35,000 255,000 153,000 Credit > >
Transcribed Image Text:one for perpetual and one for periodic THE JURUWIyou avanauit IV a Lumpany. Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold Complete this question by entering your answers in the tabs below. Perpetual System Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. View transaction list Journal entry worksheet < Periodic System Applying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 2 Note: Enter debits before credits Transaction Show Transcribed Text Record merchandise purchased on account for $160,000. 3 Ending inventory Sales (on account) Cost of inventory sold Perpetual System the runwiny normation is available for a company. Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) < Periodic System View transaction list 4 General Journal 5 Complete this question by entering your answers in the tabs below. Journal entry worksheet 3 Note: Enter debits before credits Transaction 4 6 5 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. c Debit 6 Record merchandise purchased on account for $160.000. General Journal 4 Applying a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. c $ 30,000 160,000 15,000 17,000 Debit 35,000 255,000 153,000 Credit $ 30,000 160,000 15,000 17,000 35,000 255,000 153,000 Credit > >
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