Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.NoDateGeneral JournalDebitCredit1January 02Accounts Receivable91Sales Revenue912January 16Accounts Receivable130Sales Revenue1303January 18Purchases64Accounts Payable644January 19Accounts Receivable130Sales Revenue130January 24Purchases80Accounts Payable80January 31Cost of Goods Sold150Inventory, Ending120Purchases70 XInventory, Beginning200 Required information[The following information applies to the questions displayed below.]Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the followingtransactions during the month:January 2January 16 Sold 10 shovels on account at a selling price of $13 per unit.January 18 Bought 8 shovels on account at a cost of $8 per unit.January 19 Sold 10 shovels on account at a selling price of $13 per unit.January 24 Bought 10 shovels on account at a cost of $8 per unit.January 31 Counted inventory and determined that 15 units were on hand.Sold 7 shovels on account at a selling price of $13 per unit.

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Description: Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry

Cost of goods sold: Beginning Inventory $200 Add: Purchases $144 Less: Ending…

Business

Accounting

Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Sold 7 shovels on account at a selling price of $13 per unit. January 2 January 16 Sold 10 shovels on account at a selling price of $13 per unit. January 18 Bought 8 shovels on account at a cost of $8 per unit. January 19 Sold 10 shovels on account at a selling price of $13 per unit. January 24 Bought 10 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 15 units were on hand.

Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Sold 7 shovels on account at a selling price of $13 per unit. January 2 January 16 Sold 10 shovels on account at a selling price of $13 per unit. January 18 Bought 8 shovels on account at a cost of $8 per unit. January 19 Sold 10 shovels on account at a selling price of $13 per unit. January 24 Bought 10 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 15 units were on hand.

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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Under the perpetual inventory system, which of the following accounts is credited in the adjusting entry to reflect the expected amount of merchandise that will be returned? a. Merchandise Inventory b. Cost of Goods Sold c. Sales Returns and Allowances d. Estimated Returns Inventory
This cost includes the purchase price of goods and the related expenses incurred to prepare the goods for sale a. Cost of goods sold and operating expenses b. Cost of goods sold c. Cost of purchases d. Cost of goods sold available for sale
What account is debited when recording a purchase of inventory when using a periodic inventory system?
The Inventory account is used in each of the following except the entry to record payment of freight on goods sold. goods purchased on account. the return of goods purchased. payment within the discount period.
Define the following terms: inventory conversion period, averagecollection period, and payables deferral period. Give the equationfor each term
In the periodic inventory system, all purchases of merchandise during the period is recorded on what account?
Explain the retail inventory method of estimating ending inventory.
Differentiate between perpetual and periodic Inventory system.