Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account.

(a)

Journalize the September transactions, assuming that Concord 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
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)
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
(To record cost of goods sold)

Question Part Score

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(b)

Journalize the September transactions, assuming that Concord 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)