Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Coffee Scene has the following transactions regarding inventory for October 2023: (ignore VAT) Bought inventory cash for R40 000 Sold inventory cash for R25 000,

Coffee Scene has the following transactions regarding inventory for October 2023: (ignore VAT)

  1. Bought inventory cash for R40 000
  2. Sold inventory cash for R25 000, the cost price was R20 000
  3. Bought inventory on credit for R35 000
  4. Returned to supplier inventory with value of R3 000
  5. Sold inventory on credit for R18 000, cost price was R15 000
  6. Received goods back from a customer to the value of R 5000, cost price was R4 000.

Required: Enter the transactions and account names (where not given) into the general ledger of Coffee Scene using the periodic inventory system. DR Account Name CR

DR Bank CR

DR Account Name CR

DR Sales CR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Reporting Analysis And Decision Making

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

5th Edition

0730313743, 978-0730313748

More Books

Students also viewed these Accounting questions

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago

Question

Describe the Big Five personality dimensions.

Answered: 1 week ago

Question

Identify three personal human relations goals for the course.

Answered: 1 week ago