46) Journalize the following assuming periodic inventory.

 

June 20Made purchases of inventory for $4,500 on account.

June 21Made sales of $3,500 cash and $2,500 credit.

June 22Returned $2,000 of purchases for defects.

47) Joe owns an auto parts store called Joe’s Auto Care. The following transactions took place during September of the current year.

 

September 9Purchased merchandise on account from Wheeler Auto for $6,000.

September 10Paid freight charges of $300 on merchandise purchased on the 9th.

September 13Sold merchandise on account to Lancaster Auto Sales for $5,500.

The cost of the merchandise was $3,500.

September 15Received a credit memo from Wheeler for merchandise returned, $900

September 25Issued a credit memo to Lancaster Auto Sales for merchandise returned, $1,000.

The cost of the merchandise is $550.

 

Journalize the above transactions using the periodic inventory system.

48) Joe owns an auto parts store called Joe’s Auto Care. The following transactions took place during July of the current year.

 

July 8Purchased merchandise on account from Wheeler Auto for $6,000

July 10Paid freight charges of $400 on merchandise purchases on the 8th.

July 12Sold merchandise on account to Lancaster Auto Sales for $5,500.

The cost of the merchandise was $3,500

July 16Received a credit memo from Wheeler for merchandise returned, $900

July 22Issued a credit memo to Lancaster Auto Sales for merchandise returned, $1,000.

The cost of the merchandise is $550.

 

Journalize the above transactions using the perpetual inventory system.

 

 



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