Question
Excel complete exercises E6-10 E6-10, E6-17, and E6-18 BE618 Refer to the BE611 Shankar Company uses a perpetual system to record inventory transactions. The company
Excel complete exercises E6-10 E6-10, E6-17, and E6-18
BE618 Refer to the BE611 Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000.
, but now assume that Shankar uses a periodic system to record inventory transactions. Record the purchase of inventory on February 2, including the freight charges.
E610 Sundance Systems has the following transactions during July.
July ?5 | Purchases 40 LCD televisions on account from Red River Supplies for $2,500 each, terms 3/10, n/30. |
July ?8 | Returns to Red River two televisions that had defective sound. |
July 13 | Pays the full amount due to Red River. |
July 28 | Sells remaining 38 televisions from July 5 for $3,000 each on account. |
Required:
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system.
E618 Refer to the transactions in E610.
Required:
1. | Record the transactions of Sundance Systems, assuming the company uses a periodic inventory system. |
2. | Record the period-end adjustment to cost of goods sold on July 31, assuming the company has no beginning inventory. |
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