How to record the April transactions using perpetual inventory system (a) & (b)Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Includemargin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding thenumber e.g. -45 or parentheses e.g. (45).)AssetsLiabilitieAccts. Rec.Inv.Accts. PaCashasearchhpitt. Current Attempt in ProgressAt the beginning of the current season on April 1, the records of Monty Pro Shop showed Cash $3,240, Inventory $3,500, andCommon Stock $6,740. The following transactions occurred during April 2022.Apr. 5Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800.6.Received credit from Blossom Co. for merchandise returned $400.10Sold merchandise on account to members $1.320. The merchandise sold had a cost of $810.12Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050.14Paid Blossom Co. in full.17Received credit from Crane Sportswear for merchandise returned $50.20Made sales on account to members $900. The cost of merchandise sold was $550.21Paid Crane Sportswear in full.30Received payments on account from members $1,210.(a) & (b)

Name: How to record the April transactions using perpetual inventory system
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: How to record the April transactions using perpetual inventory system (a) & (b)Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Includemargin explanations for the changes in revenues an

Accounting Equation- It is a mathematical expression that shows assets are equal to liabilities of a…

Business

Accounting

Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800. Received credit from Blossom Co. for merchandise returned $400. Apr. 5 9. 10 Sold merchandise on account to members $1,320. The merchandise sold had a cost of $810. 12 Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050. 14 Paid Blossom Co. in full. 17 Received credit from Crane Sportswear for merchandise returned $50. 20 Made sales on account to members $90O. The cost of merchandise sold was $550. 21 Paid Crane Sportswear in full. 30 Received payments on account from members $1,210.

Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800. Received credit from Blossom Co. for merchandise returned $400. Apr. 5 9. 10 Sold merchandise on account to members $1,320. The merchandise sold had a cost of $810. 12 Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050. 14 Paid Blossom Co. in full. 17 Received credit from Crane Sportswear for merchandise returned $50. 20 Made sales on account to members $90O. The cost of merchandise sold was $550. 21 Paid Crane Sportswear in full. 30 Received payments on account from members $1,210.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: How is Day Sales in Inventory calculated?

A: Inventory turnover ratio: This is a financial measure that is used to evaluate as to how many times…

Q: Credit Accounts Cash Accounts Receivable Allowance for uncollectible Accounts Inventory Land…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: [The following information applies to the questions displayed below.] Home Hardware reported…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of…

A: Under job order costing journal entries required for labor, material, overhead. At the end of…

Q: 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of…

A: Inventory Valuation Method - Inventory valuation method includes FIFO, LIFO, and Weighted Average…

Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the

A: The products and materials that a company keeps on hand with the intention of reselling, producing,…

Q: Prepare journal entries would HEC record on November 30 and December 1? (Assume HEC uses a perpetual…

A: Revenue is the total sum of money obtained through conducting commercial activities like sales. A…

Q: The journal entry for the purchase of inventory on account using the perpetual inventory system is O…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: When merchandise that was sold is returned, a credit to sales returns and allowances is made by the…

A: As per perpetual inventory system, inventory records are updated after every transaction. When…

Q: How do you get the inventory for a future date in perpetual inventory FIFO METHOD

A: FIFO (first-in,first-out) Method under perpetual inventory system: It is the method in which the…

Q: Complete this question by entering your answers in the tabs below. Perpetual System Applying a…

A: Periodic inventory system is a form of inventory valuation where the inventory account is updated at…

Q: The inventory system in which merchandise is physically counted at least once a year to determine…

A: The system in which physical count of inventory is undertaken to value the ending inventory , cost…

Q: The inventory is added to the inventory records after three documents are reconciled. One of those…

A: To add the inventory to the inventory records, the documents are reconciled which records the…

Q: Describe a Comparison of the Perpetual and Periodic Inventory Systems

Q: When using the perpetual system for inventory, the journal entry to record a purchase of inventory…

A: The objective of the question is to identify the correct journal entry to record a purchase of…

Q: Why is it important to periodically take a physical inventory when using a perpetual inventory…

Q: Describe in words the journal entries that are made ina perpetual inventory system when inventory is…

A: Perpetual inventory system provides a running balance of cost of goods available for sale and cost…

Q: Need to know how to get ending inventory for JAFFE on a corrected income statement for NPV

A: This question is related to the ending inventory before moving into the question first we know about…

Q: Explain the types of inventory and the differences between a perpetual inventory system and a…

Q: Under the perpetual inventory system, which of the following accounts is credited in the adjusting…

A: The objective of the question is to identify the correct account that is credited in the adjusting…

Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…

A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…

Q: Which inventory system records both sales and cost of goods sold at the point of sale? Group of…

A: There are different types of inventory system being used depending the record of pricing and record…

Q: Describe the calculation of the cost of goods sold when using the periodic inventory system.

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: The following is a record of Metlock Company's transactions for Boston Teapots for the month of May…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

How to record the April transactions using perpetual inventory system

(a) & (b)
Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Include
margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the
number e.g. -45 or parentheses e.g. (45).)
Assets
Liabilitie
Accts. Rec.
Inv.
Accts. Pa
Cash
a
search
hp
it
t.

Current Attempt in Progress
At the beginning of the current season on April 1, the records of Monty Pro Shop showed Cash $3,240, Inventory $3,500, and
Common Stock $6,740. The following transactions occurred during April 2022.
Apr. 5
Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800.
6.
Received credit from Blossom Co. for merchandise returned $400.
10
Sold merchandise on account to members $1.320. The merchandise sold had a cost of $810.
12
Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050.
14
Paid Blossom Co. in full.
17
Received credit from Crane Sportswear for merchandise returned $50.
20
Made sales on account to members $900. The cost of merchandise sold was $550.
21
Paid Crane Sportswear in full.
30
Received payments on account from members $1,210.
(a) & (b)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

When the buyer pays the freight costs, the entry to record the payment under a perpetual inventory system would include a debit to _______. Question content area bottom Part 1 A. Freight In B. Inventory C. Purchases Discounts D. Delivery Expense
What is the inventory system called that continuously discloses the amount of inventory? Group of answer choices physical perpetual retail periodic
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
What is the inventory system called that discloses the amount of inventory on hand ONLY at the end of the accounting period when a physical count is taken? Group of answer choices retail physical periodic perpetual
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.
How do you calculate periodic and perpetual inventory?
Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are recorded in a periodic inventory system.
What are the two journal entries involved when recording the sale of inventory when using the perpetual inventory system?