Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $5,300. Freight charges of $450 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $750 and Specialty Store's account was credited by the supplier. 3. Inventory costing $2,950 was sold for $5,500 in cash.. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please help with the question that is attached as a picture. thanks
prepare the journal entry to write off any over under
1. What are the different BIR forms and describe and identify the deadline for submission of each form. Explain all please, don't answer short and don't plagiarize please, thank you
Differentiate closing entries, reversing entries, opening entries and correcting entry.
How do you create a journal entry accurately ?
How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
Could I see the journal entries please?
Please provide only typed answer solution no handwritten solution needed allowed... Please do it neat and clean correctly.
when viewing a detail level report, such as Open Invoices Report, what happens when you double click on the amount shown on any particular transaction?
True or false? In a manual system, it is proper to splits journal entry at the bottom page.
Select the best answer for the question 13. The process of transferring the information contained in the journal to the ledger is called A. cross-referencing OB. balancing the accounts OC. cross-adding D. posting. Mark for review (Will be highlighted on the review page) << Previous Question Next Quesmon
Please give the Rectified entries