Exercise 8-1 (Static) Perpetual inventory system; journal entries [LO8-1] 10 points Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and Specialty Store's account was credited by the supplier. eBook Hint 3. Inventory costing $2,800 was sold for $5,200 in cash. Print References Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Mc Graw Hill View transaction list Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,000. Note: Enter debits before credits. < Prev 1 of 7 Next >
Exercise 8-1 (Static) Perpetual inventory system; journal entries [LO8-1] 10 points Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and Specialty Store's account was credited by the supplier. eBook Hint 3. Inventory costing $2,800 was sold for $5,200 in cash. Print References Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Mc Graw Hill View transaction list Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,000. Note: Enter debits before credits. < Prev 1 of 7 Next >
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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![Exercise 8-1 (Static) Perpetual inventory system; journal entries [LO8-1]
10
points
Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:
1. Specialty Store purchased inventory on account for $5,000. Freight charges of $300 were paid in cash.
2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and
Specialty Store's account was credited by the supplier.
eBook
Hint
3. Inventory costing $2,800 was sold for $5,200 in cash.
Print
References
Required:
Prepare the necessary journal entries to record these transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Mc
Graw
Hill
View transaction list
Journal entry worksheet
1
2 3
4 5
Record the merchandise purchased on account for $5,000.
Note: Enter debits before credits.
< Prev
1 of 7
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3557802-a4bf-4515-8885-5ae6e40cedd0%2F38cc290e-1172-4411-8be2-d7e7ccab0c08%2Fwzahh7n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 8-1 (Static) Perpetual inventory system; journal entries [LO8-1]
10
points
Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:
1. Specialty Store purchased inventory on account for $5,000. Freight charges of $300 were paid in cash.
2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and
Specialty Store's account was credited by the supplier.
eBook
Hint
3. Inventory costing $2,800 was sold for $5,200 in cash.
Print
References
Required:
Prepare the necessary journal entries to record these transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Mc
Graw
Hill
View transaction list
Journal entry worksheet
1
2 3
4 5
Record the merchandise purchased on account for $5,000.
Note: Enter debits before credits.
< Prev
1 of 7
Next >
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