Hi, I really need the journal entry for this problem. Perpetual/Periodic Inventory System: Problem: January 1: Mr. Lopez invested 39,000 into a business. January 2: Purchased office equipment 12,000. January 2: Purchased merchandise on account. Term: 2/10, n/30 FOB shipping point, 14,400. January 3: Purchased merchandise on account 15,000 to Lowtown. Terms: 2/10, n/30. FOB shipping point. January 4: Paid freight charge on Jan. 3, 3,000. January 6: Paid salaries 1,000 January 7: Paid Lowtown January 8: Sold merchandise to a customer on an account worth 15,300. The cost of the merchandise is 13,300. Terms: 2/10, n/30 FOB destination. January 9: Paid freight charge 300 on Jan. 8 January 10: Cash sales 9,000. The cost of merchandise 7,000. January 11: Mr. Lopez gets cash from the business worth 2,500. January 11: Paid purchased merchandise on account on Jan. 2. January 12: Purchased merchandise on an account worth 18,000. Terms: 2/10, n/30. January 15: Sold merchandise for cash worth 12,000. The cost of the merchandise is 10,000. January 16: Paid purchased merchandise on Jan. 12 9,000. No discount for partial payment. January 17: Mr. Lopez borrowed money from the bank amounting to 12,000 having a promissory note. January 18: Received credit memo from the customer of sold merchandise on Jan. 15 due to defects of merchandise 2,000. The cost of the merchandise returned is 1,667. January 19: Purchased merchandise on account 9,000. Terms: 2/10, n/30 January 22: Cash sales 7,000. the cost of merchandise is 6,000. January 23: Returned 3,000 worth of merchandise from Jan. 19 purchases due to defects of merchandise. January 24: Paid purchases on January 19 January 26: Sold merchandise on account 2,000. The cost of the merchandise is 1,500. January 29: Cash sales 7,000. The cost of the merchandise is 6,000. January 30: Paid the following expenses utilities 1,000, salaries 3,500, gasoline 500, supplies 1,000, rent 1,000. Note: Amount of inventory as of Jan. 21, 25,000.
Hi, I really need the
Perpetual/Periodic Inventory System:
Problem:
January 1: Mr. Lopez invested 39,000 into a business.
January 2: Purchased office equipment 12,000.
January 2: Purchased merchandise on account. Term: 2/10, n/30 FOB shipping point, 14,400.
January 3: Purchased merchandise on account 15,000 to Lowtown. Terms: 2/10, n/30. FOB shipping point.
January 4: Paid freight charge on Jan. 3, 3,000.
January 6: Paid salaries 1,000
January 7: Paid Lowtown
January 8: Sold merchandise to a customer on an account worth 15,300. The cost of the merchandise is 13,300. Terms: 2/10, n/30 FOB destination.
January 9: Paid freight charge 300 on Jan. 8
January 10: Cash sales 9,000. The cost of merchandise 7,000.
January 11: Mr. Lopez gets cash from the business worth 2,500.
January 11: Paid purchased merchandise on account on Jan. 2.
January 12: Purchased merchandise on an account worth 18,000. Terms: 2/10, n/30.
January 15: Sold merchandise for cash worth 12,000. The cost of the merchandise is 10,000.
January 16: Paid purchased merchandise on Jan. 12 9,000. No discount for partial payment.
January 17: Mr. Lopez borrowed money from the bank amounting to 12,000 having a promissory note.
January 18: Received credit memo from the customer of sold merchandise on Jan. 15 due to defects of merchandise 2,000. The cost of the merchandise returned is 1,667.
January 19: Purchased merchandise on account 9,000. Terms: 2/10, n/30
January 22: Cash sales 7,000. the cost of merchandise is 6,000.
January 23: Returned 3,000 worth of merchandise from Jan. 19 purchases due to defects of merchandise.
January 24: Paid purchases on January 19
January 26: Sold merchandise on account 2,000. The cost of the merchandise is 1,500.
January 29: Cash sales 7,000. The cost of the merchandise is 6,000.
January 30: Paid the following expenses utilities 1,000, salaries 3,500, gasoline 500, supplies 1,000, rent 1,000.
Note: Amount of inventory as of Jan. 21, 25,000.
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