The followings are the merchandise transactions happened under perpetual inventory system 1)Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600. Terms 2/5, n/15 FOB 2)Sep1 Business purchased $3600 of inventory from Westelm. Terms 1/10, n/20 FOB 3)Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash 4) Sep6 Business
The followings are the merchandise transactions happened under perpetual inventory system 1)Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600. Terms 2/5, n/15 FOB 2)Sep1 Business purchased $3600 of inventory from Westelm. Terms 1/10, n/20 FOB 3)Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash 4) Sep6 Business
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The followings are the merchandise transactions happened under perpetual inventory system
1)Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600. Terms 2/5, n/15 FOB
2)Sep1 Business purchased $3600 of inventory from Westelm. Terms 1/10, n/20 FOB
3)Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash
4) Sep6 Business Received ACE Inc's money.
5) Sep9 business purchased inventory $2700 from SilentSolar Ltd, Terms: 1/5, n/10, FOB
6) Sep11 Business paid the Westelm in full.
7) Sep30 paid SilentSolar Ltd for the Sep9 purchase.
Please make entries for the above transactions. If there is any calculated related entry, please also show the detailed calculations.
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