All on Income Statement ACC 201, Sections 007, 009, 011, and 013 Chapter 5 Fall 2019 Perpetual Inventory? Yes No Yes Normal Account Balance (Debitor Credit) Account Name 1. Freight-Out/Transportation-Out (tenperary 2 Freight-in/Transportation in (temporary 3 Purchases 4. Purchase Returns and Allowances 5. Purchase Discounts 6. Sales Revenue 7. Sales Returns and Allowances 8. Sales Discounts New Accounts Financial Statement Periodic Classification Inventory? Yes No cost of a ls sold ho Cost Of goods sold Yos 00 St DF 9DDds cold yos tem COST OF Dods sold yos COST OF GOD Sold HD Roveho Revenue (contra ho Rovenve (cond) no yes YUS VOC ves Yes ye Debit LDLANUM E Panel Debit Cinventory Debit inventory) credit Linvent DEN credit (normal) credit (normal) Debit normal) Debit (normal) ho Perpetual and Periodic Inventory Systems On January 1, 2019, the Model Company had a $100,000 balance in its Inventory account. Model has a December 31 year end and makes annual adjusting journal entries. From January 1, 2019 until October 3, 2019, the company purchased merchandise with a cost of $670,000 and sold merchandise with a selling price of $980,000 and a cost of $565,000. What amount would the Model Company show in its Inventory general ledger account as of October 3, 2019 under each of the following inventory systems? Periodic inventory system: $ Perpetual inventory system: $ All on Income Statement ACC 201, Sections 007, 009, 011, and 013 Chapter 5 Fall 2019 Perpetual Inventory? Yes No Yes Normal Account Balance (Debitor Credit) Account Name 1. Freight-Out/Transportation-Out (tenperary 2 Freight-in/Transportation in (temporary 3 Purchases 4. Purchase Returns and Allowances 5. Purchase Discounts 6. Sales Revenue 7. Sales Returns and Allowances 8. Sales Discounts New Accounts Financial Statement Periodic Classification Inventory? Yes No cost of a ls sold ho Cost Of goods sold Yos 00 St DF 9DDds cold yos tem COST OF Dods sold yos COST OF GOD Sold HD Roveho Revenue (contra ho Rovenve (cond) no yes YUS VOC ves Yes ye Debit LDLANUM E Panel Debit Cinventory Debit inventory) credit Linvent DEN credit (normal) credit (normal) Debit normal) Debit (normal) ho Perpetual and Periodic Inventory Systems On January 1, 2019, the Model Company had a $100,000 balance in its Inventory account. Model has a December 31 year end and makes annual adjusting journal entries. From January 1, 2019 until October 3, 2019, the company purchased merchandise with a cost of $670,000 and sold merchandise with a selling price of $980,000 and a cost of $565,000. What amount would the Model Company show in its Inventory general ledger account as of October 3, 2019 under each of the following inventory systems? Periodic inventory system: $ Perpetual inventory system: $
