Accounting

Description for Students: Title: Accounting for Inventory Transactions - Perpetual System Due Date: 12 November 2023 Total Marks: 20 Submission Format: Excel File Upload Objective: The purpose of this assignment is to apply your understanding of inventory accounting in perpetual system. You will record a series of purchase and sales transactions, reflecting the impact 0 inventory and related accounts. Instructions: 1. Use the Excel spreadsheet provided to record the necessary journal entries for each transaction below. 2. Ensure that you follow the format of date, account titles, and explanation. 3. Submit your Excel file with all transactions properly recorded and the Inventory and Cost of Goo Sold accounts updated accordingly. Transactions to Record: 1. January 5: Purchased 100 units of inventory on account for $20 each, terms 2/10,n/30. 2. January 8: Returned 10 units of inventory from the January 5 purchase due to defects. 3. January 12: Sold 60 units of inventory on account for $40 each, terms 1/15,n/45. 4. January 14: Received payment for the January 12 sale within the discount period. 5. January 18: Paid the supplier for the inventory purchased on January 5 within the discount peric