Apply perpetual 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.PerpetualSystemApplying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Includeall 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 list1PeriodicSystem2 Record the payment of $28,000 in cash for freightcharges.4Record merchandise purchased on account for $173,000.3 Record merchandise returned to supplier for credit of$30,000.5Record sales on account of $268,000.Record cost of merchandise sold of $166,000.6 Record the end-of-period adjusting entry. Endinginventory is $48,000.Note := journal entry has been enteredRecord entryClear entryXCreditView general journal> The following information is available for a company:Beginning inventoryInventory purchases (on account)Freight charges on purchases (paid in cash)Inventory returned to suppliers (for credit)Ending inventorySales (on account)Cost of inventory sold$ 43,000173,00028,00030,00048,000268,000166,000Required:Applying both a perpetual and a periodic Inventory system, prepare the journal entries that summarize the transactions that createdthese balances. Include all end-of-period adjusting entries indicated.

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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 >

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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