perpetual system tó récord inventory transactions. The company purchases inventory on account on February 9, 2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list X 1 Record the purchase of inventory on account. 2 Record the sale of inventory oh account. Record the cost of inventory sold.
perpetual system tó récord inventory transactions. The company purchases inventory on account on February 9, 2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list X 1 Record the purchase of inventory on account. 2 Record the sale of inventory oh account. Record the cost of inventory sold.
Chapter10: Inventory
Section: Chapter Questions
Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...
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Question
![A čompany uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,
2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000.
Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
EX:
......
Record the purchase of inventory on account.
2
Record the sale of inventory on account.
Record the cost of inventory sold.
Credit
Note :
journal entry has been entered
%3D
View general journal
Clear entry
Record entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbd2edfa-ebf7-4438-babc-36cc5ae93bbd%2Fbbb2860a-5f58-4e94-b82e-ba7bfd95c788%2F204422e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A čompany uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,
2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000.
Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
EX:
......
Record the purchase of inventory on account.
2
Record the sale of inventory on account.
Record the cost of inventory sold.
Credit
Note :
journal entry has been entered
%3D
View general journal
Clear entry
Record entry
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