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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F321d63a7-041d-4155-baf2-5a57d87f765d%2F6748a13a-4b2b-4dee-bbf7-bf5a15cdaef9%2Farnahwn.jpeg&w=3840&q=75)
Transcribed Image Text: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
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