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Complete this question by entering your answers in the tabs below. Perpetual System 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. View transaction list 1 3 Periodic System 2 Record the payment of $28,000 in cash for freight charges. 4 5 Record merchandise purchased on account for $173,000. Record merchandise returned to supplier for credit of $30,000. Record sales on account of $268,000. Record cost of merchandise sold of $166,000. 6 Record the end-of-period adjusting entry. Ending inventory is $48,000. Note : = journal entry has been entered Record entry Clear entry < Perpetual System X i 1 Credit View general journal > Periodic System >

Complete this question by entering your answers in the tabs below. Perpetual System 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. View transaction list 1 3 Periodic System 2 Record the payment of $28,000 in cash for freight charges. 4 5 Record merchandise purchased on account for $173,000. Record merchandise returned to supplier for credit of $30,000. Record sales on account of $268,000. Record cost of merchandise sold of $166,000. 6 Record the end-of-period adjusting entry. Ending inventory is $48,000. Note : = journal entry has been entered Record entry Clear entry < Perpetual System X i 1 Credit View general journal > Periodic System >

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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Apply a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated.

The following information is available for a company: 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 $ 43,000 173,000 28,000 30,000 48,000 268,000 166,000 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.
Transcribed Image Text:The following information is available for a company: 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 $ 43,000 173,000 28,000 30,000 48,000 268,000 166,000 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.
Complete this question by entering your answers in the tabs below. Perpetual System 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. View transaction list Periodic System 1 Record merchandise purchased on account for $173,000. 2 Record the payment of $28,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $30,000. 4 5 Record sales on account of $268,000. Record cost of merchandise sold of $166,000. 6 Record the end-of-period adjusting entry. Ending inventory is $48,000. Note : = journal entry has been entered Record entry Clear entry < Perpetual System X 1 1 Credit View general journal > Periodic System >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Perpetual System 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. View transaction list Periodic System 1 Record merchandise purchased on account for $173,000. 2 Record the payment of $28,000 in cash for freight charges. 3 Record merchandise returned to supplier for credit of $30,000. 4 5 Record sales on account of $268,000. Record cost of merchandise sold of $166,000. 6 Record the end-of-period adjusting entry. Ending inventory is $48,000. Note : = journal entry has been entered Record entry Clear entry < Perpetual System X 1 1 Credit View general journal > Periodic System >
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