Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned

Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned 7 units for credit, and sold 150 units at $203 each on account.

Journalize the September transactions, assuming that Flint Ltd. uses a perpetual inventory system. The first picture is complete and right. I need help with the second one. Thank you so much in advance.

image text in transcribedimage text in transcribed

Account Titles and Explanation Debit Credit Inventory 20600 Accounts Payable 20600 (To record purchase on account) Accounts Payable 700 Inventory 700 (To record purchase return) Accounts Receivable 30450 Sales Revenue 30450 (To record sales on account) Cost of Goods Sold 15000 Inventory 15000 | Activate Wir Go to Settings to (To record cost of goods sold) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Activate Win Go to Settings to (To record sales on account)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Volume 1 And Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

1119786649, 978-1119786641

More Books

Students also viewed these Accounting questions