Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000
Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vinubhai
Transcribed Image Text:Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February
2 for $30,000 and then sells this Inventory on account on March 17 for $50,000.
Record transactions for the purchase and sale of Inventory.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.
No
1
2
3
Date
February 02
March 17
March 17
Inventory
Answer is complete but not entirely correct.
General Journal
Accounts Payable
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Inventory
Debit
30,000
50,000
30,000
Credit
30,000
50,000
30,000
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