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 perpetual 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

Money Banking And Financial Markets

Authors: Stephen Cecchetti

2nd Edition

0073523097, 9780073523095

More Books

Students also viewed these Finance questions

Question

What is the economic order quantity model?

Answered: 1 week ago