Question
Burr Industries has the following events transpire in June of 2020: Event Details Buy Inventory Buy 6,000 units of inventory for $6/unit on credit. Sell
Burr Industries has the following events transpire in June of 2020: Event Details Buy Inventory Buy 6,000 units of inventory for $6/unit on credit. Sell Inventory Sell 4,765 units of inventory for $44/unit on credit. Close Books Books are closed for the month of June.
Burr Industries has the following events transpire in June of 2020:
| Event | Details |
| Buy Inventory | Buy 6,000 units of inventory for $6/unit on credit. |
| Sell Inventory | Sell 4,765 units of inventory for $44/unit on credit. |
| Close Books | Books are closed for the month of June. |
Additional Info: Inventory is always purchased for $6/unit. Beginning inventory is 1,840 units.
Assuming Burr uses the Periodic Inventory System, please provide the necessary journal entries. If no entry is required, please put N/A
You may round your answers to the nearest dollar.
(A) Please provide the journal entry for the purchase of inventory:
(B) Please provide the journal entry for the sale of inventory:
(C) Please provide the journal entry which Burr would record when closing its books/the adjusting entry relating to inventory:
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Fundamentals of Investments, Valuation and Management
Authors: Bradford Jordan, Thomas Miller, Steve Dolvin
8th edition
1259720697, 1259720691, 1260109437, 9781260109436, 978-1259720697
