2Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets. The following information isavailable for Walmart:Beginning inventoryInventory purchases (on account)Freight charges on purchases (paid in cash)Inventory returned to suppliers (for credit)Ending inventorySales (on account)Cost of inventory soldRequired:Please answer: applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactionsthat created these balances for Walmart. Include all end-of-period adjusting entries indicated.Complete this question by entering your answers in the tabs below.PerpetualSystemPeriodicSystemApplying a perpetual inventory system, prepare the journal entries that summarize the transactions that created these balances. Includeall end-of-period adjusting entries indicated.Note: If no entr is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet<12$ 25,000155,00010,00012,00030,000250,000148,0003 4 5 6Record merchandise purchased on account for $155,000.>

Perpetual inventory system shows that the inventory in the production process are valuated on…

Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets. The following information is available for Walmart: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 25,000 155,000 10,000 12,000 30,000 250,000 148,000 Required: Please answer: applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances for Walmart. Include all end-of-period adjusting entries indicated.

Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets. The following information is available for Walmart: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 25,000 155,000 10,000 12,000 30,000 250,000 148,000 Required: Please answer: applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances for Walmart. Include all end-of-period adjusting entries indicated.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Wildhorse Company returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Windsor Company received the balance due from Wildhorse Company. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date March 2March 6March 12 enter an account title…
please enter the journal entries
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Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…
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answer in text form please (without image), Note: .Every entry should have narration please
HOW DO I PREPARE A TRANSACTION CHART? On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.
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