Complete this question by entering your answers in the tabs below. Perpetual 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. View transaction list 1 Record merchandise purchased on account for $173,000. 2 Record the payment of $28,000 in cash for freight charges. Periodic System 3 Record merchandise returned to supplier for credit of $30,000. Record sales on account of $268,000. 4 5 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 X Credit View general journal >
Complete this question by entering your answers in the tabs below. Perpetual 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. View transaction list 1 Record merchandise purchased on account for $173,000. 2 Record the payment of $28,000 in cash for freight charges. Periodic System 3 Record merchandise returned to supplier for credit of $30,000. Record sales on account of $268,000. 4 5 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 X Credit View general journal >
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
Related questions
Question
Apply perpetual inventory system, prepare the
![Complete this question by entering your answers in the tabs below.
Perpetual
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.
View transaction list
1
Periodic
System
2 Record the payment of $28,000 in cash for freight
charges.
4
Record merchandise purchased on account for $173,000.
3 Record merchandise returned to supplier for credit of
$30,000.
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
X
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F969dc51c-cfbc-4a88-8223-4a4d6f7856c4%2F6891b2e5-fc6b-4376-8f9e-fa5de122c8a6%2F1yo6xqg3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Perpetual
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.
View transaction list
1
Periodic
System
2 Record the payment of $28,000 in cash for freight
charges.
4
Record merchandise purchased on account for $173,000.
3 Record merchandise returned to supplier for credit of
$30,000.
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
X
Credit
View general journal
>
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F969dc51c-cfbc-4a88-8223-4a4d6f7856c4%2F6891b2e5-fc6b-4376-8f9e-fa5de122c8a6%2Fucdeve_processed.jpeg&w=3840&q=75)
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.
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