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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