Accounting Question (Marigold)

Information: MarigoldLtd. had beginning inventory of53units that cost $103each. During September, the company purchased210units on account at $103each, returned9units for credit, and sold154units at $200each on account.

Instructions: Please fill out the journal entries in Marigold Part 1 and Marigold Part 2. Use the list of Accounts Below.

List Of Accounts

• Accounts Payable
• Accounts Receivable
• Allowance to Reduce Inventory to NRV
• Biological Assets
• Buildings
• Cash
• Cost of Goods Sold
• Equipment
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Inventory Over and Short
• Land
• Liability for Onerous Contracts
• Loss on Inventory Due to Decline in NRV
• Loss on Purchase Contracts
• No Entry
• Purchase Discounts
• Purchase Discounts Lost
• Purchase Returns and Allowances
• Purchases
• Raw Materials
• Realized Gain or Loss
• Rebate Receivable
• Recovery of Loss on Inventory Due to Decline in NRV
• Refund Liability
• Retained Earnings
• Sales Returns and Allowances
• Sales Revenue
• Supplies Expense
• Unrealized Gain or Loss

Marigold Part 1.png

Journalize the September transactions, assuming that Marigold Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) (To record sales on account) (To record cost of goods sold)Journalize the September transactions, assuming that Marigold Led. uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) (To record sales on account) Assume that Marigold Lid. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 100 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 20 to report cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.} Date Account Titles and Explanation Debit Credit Sep. 30