Answered step by step
Verified Expert Solution
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)
- Bought inventory cash for R40 000
- Sold inventory cash for R25 000, the cost price was R20 000
- Bought inventory on credit for R35 000
- Returned to supplier inventory with value of R3 000
- Sold inventory on credit for R18 000, cost price was R15 000
- 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started