Please help Question-5.4Rainbow Stationers records office supplies inventory using a periodicsystem. Beginning supplies were $12,000, purchases $45,000, andending supplies count shows $15,000. The office supplies expense forthe period is:

Step 1: Determine the beginning, purchase, and ending office supplies.Beginning - $12,000Purchases -…

Answered: Question-5.4 Rainbow Stationers records…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 20EB: Prepare journal entries to record the following transactions. A. November 19, purchased merchandise...

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Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $500,000. 3 Purchased merchandise for cash, $400,000. 5 Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000. Prepare journal entries under the perpetual inventory system. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW NUMBER 1 20--June 1 blank blank - Select - - Select - 1 2 blank blank blank - Select - - Select - 2 3 blank blank blank blank blank blank 3 4 June 3 blank blank - Select - - Select - 4 5 blank blank blank - Select - - Select - 5 6 blank blank blank blank blank blank 6 7 June 5 blank blank - Select - - Select - 7 8 blank blank blank - Select - - Select - 8 9 blank blank blank blank blank blank 9 10 June 5 blank blank - Select - - Select - 10 11…
Journal entries based on perpetual inventory: Sold 2 goodsfor cash to a customer at $50 each for a total of 100.
Receipt of inventory. sdi gait smuff Company wants you to provide information on the inventory methods available. You e asked to complete parts a, b, and c for the bookkeeper to provide information to the company. 7-3. nt gaiwollc oos are Record each of the following transactions using the periodic method. a. Purchased $7,900 of goods on account. The freight charges on the goods were $50. June 1 Found some of the goods from the June 1 purchase to be slightly damaged, but we can use them; informed the seller, who reduced the amount we owed by $45. June 13 June 20 Some items costing $150 were not what we had ordered and could not be used. We returned these items, and the supplier reduced the amount we owed. June 30 Paid the supplier the amount owed. for 7900 7900 Re Periodic Inventory Entries: Purchase Account Payable 7900 7900 Freight out Cash 50 50 ibohag od ol
purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system
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Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $30,000. 3 Purchased merchandise for cash, $24,000. 5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. Prepare journal entries under the perpetual inventory system.
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Question-5.4 Rainbow Stationers records office supplies inventory using a periodic system. Beginning supplies were $12,000, purchases $45,000, and ending supplies count shows $15,000. The office supplies expense for the period is: