HW: p. 534 #7-11 odd 7) Complete the inventory card for the dictionaries at the campus book-store. Use the completed card to determine the stock reorder point. Last Action Date Opening Balance Units Receipts (Qty. In) Issues (Qty. Out) Number on Hand 3-Sep 225 225 10-Sep 97 17-Sep 54 24-Sep 40 1-Oct 144 20 8-Oct 43

HW: p. 534 #7-11 odd 7) Complete the inventory card for the dictionaries at the campus book-store. Use the completed card to determine the stock reorder point. Last Action Date Opening Balance Units Receipts (Qty. In) Issues (Qty. Out) Number on Hand 3-Sep 225 225 10-Sep 97 17-Sep 54 24-Sep 40 1-Oct 144 20 8-Oct 43

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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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
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Journalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated
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