Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased

Question:

Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200 each.
(a) Journalize the September transactions, assuming that Global Ltd. uses a perpetual inventory system.
(b) Journalize the September transactions, assuming that Global Ltd. uses a periodic inventory system.
(c) Assume that Global Ltd. uses a periodic system and prepares at the end of each month. An inventory count determines that there are 94 units of inventory remaining at September 30. Prepare the necessary adjusting entry at September 30.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...