A-B

Our Stuff managers also want you to provide information about the sale of inventory. They are asking you to record the following events Complete parts a, b, and e. June Sold inventory that had cost us 5800 for $1,000 on account to Smith. Freight to get the merchandise to our customer was paid by the customer. June 13 Accepted a return of merchandise from the June 7 sale to Smith that was the wrong size for the customer. We had sold the merchandise for $300; our cost was $240 June 20 Shipped merchandise that had cost us $940 to Jones. New Stuff billed the customer S1,175 on the sale and paid $25 in freight to get the merchandise to the customer June 30 Received a check for the Smith June 7 sale. Record the transactions above using the periodic inventory system. Periodic Inventory Entries: b. Record the transactions using the perpetual inventory system. Perpetual Inventory Entries