Bridgeport Ltd. had beginning inventory of 52 units that cost $104 each. During September, the company purchased 206 units on account at $104 each, returned 8 units for credit, and sold 158 units at $202 each on account.

Journalize the September transactions, assuming that Bridgeport 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)

enter a debit amount

enter a credit amount

enter a debit amount

enter a credit amount

(To record cost of goods sold)

Journalize the September transactions, assuming that Bridgeport Ltd. 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title to record purchase on account

enter a debit amount

enter a credit amount

enter an account title to record purchase on account

enter a debit amount

enter a credit amount

(To record purchase on account)

enter an account title to record purchase return

enter a debit amount

enter a credit amount

enter an account title to record purchase return

enter a debit amount

enter a credit amount

(To record purchase return)

enter an account title to record sales on account

enter a debit amount

enter a credit amount

enter an account title to record sales on account

enter a debit amount

enter a credit amount

(To record sales on account)

Assume that Bridgeport Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 92 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 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	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount