Accounting records for Eastern Tire Ltd. yield the following data for the year ended December 31 2017

Accounting records for Eastern Tire Lid. yield the following data for the year ended December 31, 2017 (ar cunts in the sands) (Click the icon to view the accounting records.) Requirements 1. Joumalize Eastem Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands. 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and grass profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is used. Requirement 1a. Journalize Eastern Tire's inventory transactions for the year under the perpetual system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands.) The first transaction is the purchase of inventory. Record the entry Joumal Entry Date Accounts December 31 Debit Credit Accounting records (Amounts in thousands) Inventary, December 31, 2018............ Purchases of inventory on account)............... Sales of inventory - 75% on account, 25% for cash (cost $1,530) ....... Inventory at FIFO, December 31, 2017................. .. 530 1,900 2.100 The next transaction is the sale of inventory. Record the entry. (Do not yet record the cost related to the sale. We do this in the next journal entry.) Journal Entry Date Account Debit Credit 900 December 31 Duint Done The last entry is recording the cost of Inventory. Record the entry. Journal Entry Date Accounts December 31 Debit Credit Requirement 1a. Journalize Eastern Tire's inventory transactions for the year under the perpetual system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands.) The first transaction is the purchase of inventory. Record the entry. Journal Entry Date Accounts Debit Credit December 31 not yet record the cost related to the sale. We do this in the next journal entry.) Accounts Payable Accounts Receivable Cash The next transaction Cost of Goods Sold Inventory Purchases Date Sales Revenue December 31 Debit Credit The last entry is recording the cost of inventory. Record the entry. Journal Entry Date Accounts December 31 Debit Credit Requirement 16. Journaize Easte The's remory transactions for the car under the periodic system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands. The first in the purchase of inventory. Record the entry. Journal Entry Date Account Date Credit December The last Iransaction is the sale of nventory. Recand the any. Record dobis first, then credits. Explanations are not required. Show all amounts in thousands. Journal Entry Account DALIE Credit Date Cccomber Requirement 2. What diferenca do you notice in the journal and hathan the perpetualayalam av the paradicaalam? Purches firmenry he perpetual system uses the count wtie the periodu ayelum svart Sse of inventory records le journal otries, une to read the sales and one bo upeate the inventory records while the only recurus inventory s front on the appropriate 1nancial statementcmcunts in thousands) assuming the perflua I ntory system suscd. (Show all amounts in thousands. Leave unused cells blank. Requirement 3. Raportoving irve vory, sales, Doglos Report the proprie nuwun lui un te bele steet supples Balance Sheet Requirement 16. Journaize Easte The's remory transactions for the car under the periodic system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands. The first in the purchase of inventory. Record the entry. Journal Entry Date Account Date Credit December The last Iransaction is the sale of nventory. Recand the any. Record dobis first, then credits. Explanations are not required. Show all amounts in thousands. Journal Entry Account DALIE Credit Date Dccember 21 Requirement 2. What difereres do you like in the journal Anttila hawaan te perpetual system and the parede system? Purces of intentrythe perpetual system uses the s unt utile the periodu ayalam acvart Sse of inventory records le journal entries, une forward the sales are une bo upeals the inventory records while the only recurus enlary systems used. Show all amounts in thousands. Leave unused cells blank.) Requirement. Report ending nemory, saks, boat of goods sold and gross profton tc appropriate 1nancial statement mounts in thousands), assuming the percual Report the proprie nuwun lui un the bence sheet porodicom system Balance Sheet Requirement 16. Jumalze Easien Tino's Invernary transactions for the year under the periode system. (Record debits first, then credits. Explanations are not required. Show all amounts in thousands) The first transactions the purchase of iwertory. Record the entry Journal Entry Date Accounts Debit Credit The last transaction is the sale cincntory. Record the entry (Record debits first, then credits. Explanations are not required. Show all amounts in thousands.) Journal Entry Accounts Debit Credit Date December 31 Requirement 2. Wher diferencia de u n ha cunalar bawah pahul Ryam and the periodic system? Purchases of inventory a pol system in the Asunt while the paradisystem USA A T AU Hellwertory the racorda na jumalaidas one on the sales and one to pare the inventary records will ha only rarda Req card grus proit on the appropriate financial statement comunits in thousands, B ring the perpetual invertory wysois used. (Show all amounts in thousands. Leave unused calls blank.) inventory ales tending inventory, sales, most of good scounts on the balance sheel. aligorg Requirement 3. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is used. (Show all amounts in thousands. Leave unused cells blank.) Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: Report the appropriate account(s) on the income statement. Income Statement: Requirement 3. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands), assuming the perpetual inventory system is used. (Show all amounts in thousands. Leave unused cells blank.) Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: count(s) on the income statement. Cost of goods sold Gross margin Inventory Sales revenue