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e6 29 tips and instructions from my instructor. need help please. E6-29 ( Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems

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e6 29 tips and instructions from my instructor. need help please.

E6-29 ( Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems LO 6-S2 Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: Jan. 14 Sold 25 units at unit sales price of $45 on account. Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account. a Sept. 2 Sold 50 units at a sales price of $50 on account. Dec. 31 Counted inventory and determined 40 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventory system and (6) a periodic inventory system. On E6-29a Total of 5 journal entries You can ignore the December 31 count, as you only need the perpetual method E6-29, part-a only, page 293. For each entry, record the effects on assets, liabilities, equity, revenues, expenses, and net income. Chapter 7: Problem E7-7, page 332

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