Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account. Journalize the September transactions, assuming that Concord Ltd. uses a perpetual inventory 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) Journalize the September transactions, assuming that Concord Ltd. uses a periodic inventory 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount
Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account. Journalize the September transactions, assuming that Concord Ltd. uses a perpetual inventory 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) Journalize the September transactions, assuming that Concord Ltd. uses a periodic inventory 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account.
Journalize the September transactions, assuming that Concord Ltd. uses a perpetual inventory 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 0 for the amounts.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
enter an account title to record purchase on account
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record purchase on account
|
enter a debit amount
|
enter a credit amount
|
| (To record purchase on account) | ||
|
enter an account title to record purchase return
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record purchase return
|
enter a debit amount
|
enter a credit amount
|
| (To record purchase return) | ||
|
enter an account title to record sales on account
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record sales on account
|
enter a debit amount
|
enter a credit amount
|
| (To record sales on account) | ||
|
enter an account title to record cost of goods sold
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record cost of goods sold
|
enter a debit amount
|
enter a credit amount
|
| (To record cost of goods sold) |
Journalize the September transactions, assuming that Concord Ltd. uses a periodic inventory 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 0 for the amounts.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
enter an account title to record purchase on account
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record purchase on account
|
enter a debit amount
|
enter a credit amount
|
| (To record purchase on account) | ||
|
enter an account title to record purchase return
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record purchase return
|
enter a debit amount
|
enter a credit amount
|
| (To record purchase return) | ||
|
enter an account title to record sales on account
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record sales on account
|
enter a debit amount
|
enter a credit amount
|
| (To record sales on account) |
Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (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 0 for the amounts.)
| Date |
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
|
Sep. 30
|
enter an account title for the adjusting entry on September 30
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title for the adjusting entry on September 30
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the adjusting entry on September 30
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the adjusting entry on September 30
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the adjusting entry on September 30
|
enter a debit amount
|
enter a credit amount
|
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