Bramble Limited had the following balances and transactions during the current year. 110 units at $7=$770 1,060 units at $7-$7,420 80 units at $7-$560 710 units at $9-$6,390 380 units at $7-$2,660 1. Beginning inventory Purchases Defective units returned to the supplier 2. 3. 4. 5. Sales Ending inventory How would the journal entries be recorded under each system? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List all debit entries before credit entries) Perpetual Inventory System 1 No. Account Titles and Explanation Debit Credit
Bramble Limited had the following balances and transactions during the current year. 110 units at $7=$770 1,060 units at $7-$7,420 80 units at $7-$560 710 units at $9-$6,390 380 units at $7-$2,660 1. Beginning inventory Purchases Defective units returned to the supplier 2. 3. 4. 5. Sales Ending inventory How would the journal entries be recorded under each system? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List all debit entries before credit entries) Perpetual Inventory System 1 No. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Limited had the following balances and transactions during the current year.
110 units at $7 - $770
1,060 units at $7-$7,420
80 units at $7=$560
710 units at $9-$6,390
380 units at $7-$2,660
1. Beginning inventory
Purchases
Defective units returned to the supplier
Sales-
Ending inventory
2.
3.
4.
5.
How would the journal entries be recorded under each system? (Credit account titles are automatically Indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List all debit entries
before credit entries)
Perpetual Inventory System
No. Account Titles and Explanation
1.
2
To record sales)
Debit
Credit
|||||
Transcribed Image Text:D. Account Titles and Explanation
3.
5.
(To record sales)
(To record cost of goods sold)
Debit
0000 10 000
Credit
00000000 0 0000
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