Good evening,
So i have a lot of trouble with these systems, and i work all the time so i really cant keep up on the work. Could someone please help answer this assignment.
Problem 6.8A A Comprehensive Problem [LOG-1, LOG-2, LOG-3, LOG-4, LOB-5, LOG-6, LOG-7, LOG-8) CPI sells computer peripherals. At December 31. 2015. CPI's inventory amounted to $500000. During the rst week in January 2016. the company made only one purchase and one sale. These transactions were as follows: Jan. 2 Purchased 20 modems and 80 printers from Sharp. The total cost of these machines was $25000, terms 3MB. ni60. Jan.6 Sold 30 different types of products on account to Pace Corporation. The total sales price was 510.000. terms 5.110. ni90. The total cost of these 30 units to CPI was $6,100 (net of the purchase discount]. CPI has a full-time accountant and a computer-based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable. inventory. and accounts payable. Instructions b. Prepare journal entries to record these transactions. assuming that CPI uses a perpetual inventory system. (If no entry is required for a transactionievent, select \"No journal entry required\" In the first account field.) b. Prepare joumel entries to record these transactions. assuming that CPI uses a perpetual inventory system. (If no entry is required for a transactionievent, select \"No ioumal entry required\" In the rst account field.) View tmnsmtlun list: View general journal Journal Entry Worksheet Q E] E] Record the purchase of merchandise on account; terms, 3/10, nlo. 1 i Jan 02, 2016 *Enter debits before credits E @ b. Prepare jcumal entries to record these transactions. assuming that CPI uses a psmetusl inventnry system. (If no entry is required for e trensectionlevent, select "No joumel entry required" In the first account field.) [ View h'eneectlcn lint J [ View generalleurnel J Journal Entry Worksheet Q [B E [E Record the sale on account; terme, Silt), M90. Jan 06, 2016 *Enter debits before credits E E b. Prepare joumel entries to record these transactions. assuming that CPI uses a pensetusl inventory system. (If no entry is required for s transactionlevent, select \"No joumsl entry required\" In the rst account eld.) l View hansnctton list: J [ View general lournsl J Journal Entry Worksheet Q 3 E] El Racord the cost of merchandise sold to Pace Corporation. *Enter debits before credits E m 6 Fido: File sen View History Bookmarks Tools Viiindow Help 4 '2?! '3) $ 211953) SunscarPM q 55 .. , ML-monssznsmrauoduomot x \"mange-mamas: i + i'eztumneduoaonnoMmeKLALWWMMBmSQJ497836060521 E] 110% 56' QSeerch i B J '3 E c. Compute the balance in the inventory aooeu nt at the close of business on January 6. d. Prepare journal entries to record the two transactions. assuming that CPI uses a panbdic inventory system. (if no entry is required for a trematllonievent, select "No journei entry required\" In the first account field.) View transaction list i I vlew general lournel Journal Entry Worksheet 0 E] [E Record the purchase of merchandise on account; terms, 3/10, nfo. 4 i Jan 02, 2016 *Enter debits before credits 1:. Compute the balance in the Irr'..rentr:rr}.:r account at the close of business on Jenner}:r 6. d. Prepare journal entries to record the Mo transactionsI assuming that CPI uses a periodic inventory system. (If no entry is required for e transectionievent, select \"Ne joumel entry requlred" In the rst account eld.) view unnecttun lint vlew general Journal Journal Entry Worksheet Q E] Record the purchase of merchandise on account; terms, 3110, nfo. Jan 02, 2016 I\"Enter debits before credits (E d. Prepare journal entries to record the two transactions. assuming that CPI uses a penhdlc inventory system. [If no entryr is required for a transactionlevent, select "No journal entry requlred" In the rst account eld.] View transaction list View general journal Journal Entry Worksheet Q E Racord the sale on account; terme, 5,!\"10, M90. d. Prepare journal entries to record the two transactions. assuming that CPI uses a periodic inventory system. (If no entryr is required for e trensectionievent, select "No journal entry requlred" In the rst account fleld.] View transactlon list vlew general Journal Journal Entry Worksheet @ E] El Racord the cost of merchandise sold to Pace Corporation. Jan 06, 201E *Enter debits before credits E @ e. Compute the cost of goods sold for the rst week of January.' assuming use of the periodic system. (Use your answer to part c as the ending inventory.) : 9. Compute the gross prot margin on the Januaryr 6 sales transaction. :E
