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1.) Journalize the transactions below. A perpetual inventory system is used. 2.) Post the Journal entries to the Inventory Account. 7/7/2020 GP 5-3 - Sales

1.) Journalize the transactions below. A perpetual inventory system is used.
2.) Post the Journal entries to the Inventory Account. image text in transcribed
7/7/2020 GP 5-3 - Sales / Purchases / Inventory Shrinkage Related Transactions - Sherwood, Inc. Instructions: 1. Journalize the transactions below. A perpetual inventory system is used. 2. Post the journal entries to the Inventory account Dec. 15 Purchased merchandise from Flannery, Inc., 856,000, terms FOB destination, 2/10, 1/45 21 Sold merchandise on account to Weimer Co., $9,000, terms FOB shipping point, 1/10, 1/30. The cost of merchandise sold was $6,300 23 Paid Flannery, Inc. for invoice of December 15, less discount. 30 Received payment from Weimer Co. for the invoice dated December 21, less discount, 31 Adjusting entry: A physical count of the merchandise inventory indicates that $1,021,300 of inventory is actually on hand. Note: You need to know the balance in Inventory to calculate this entry; therefore, post the preceding entries that involve Inventory Inventory Bal. 980,000

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