Culver Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 7 units for credit, and sold 152 units at $202 each on account. Your answer is correct. Journalize the September transactions, assuming that Culver 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 for the amounts.) Account Titles and Explanation Debit Credit Inventory 21216 Accounts Payable 21216 (To record purchase on account) Accounts Payable 714 Inventory 714 (To record purchase return) Accounts Receivable 30704 Sales Revenue 30704 (To record sales on account) Cost of Goods Sold 15504 Inventory 15504 (To record cost of goods sold) Your answer is partially correct. Journalize the September transactions, assuming that Culver 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 O for the amounts.) Account Titles and Explanation Debit Credit Purchases 21216 Accounts Payable 21216 (To record purchase on account) Accounts Payable 714 Purchases 714 (To record purchase return) Accounts Receivable 30704 Sales Revenue 30704 (To record sales on account) Assume that Culver Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 101 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 Loss on Inventory Due to Decline in NRV 714 Inventory 714