Question
Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned
Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 8 units for credit, and sold 153 units at $201 each on account.
Correct answer iconYour answer is correct.
Journalize the September transactions, assuming that Grouper 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 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title to record purchase on account | enter a debit amount | enter a credit amount |
enter an account title to record purchase on account | enter a debit amount | enter a credit amount |
(To record purchase on account) | ||
enter an account title to record purchase return | enter a debit amount | enter a credit amount |
enter an account title to record purchase return | enter a debit amount | enter a credit amount |
(To record purchase return) | ||
enter an account title to record sales on account | enter a debit amount | enter a credit amount |
enter an account title to record sales on account | enter a debit amount | enter a credit amount |
(To record sales on account) | ||
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
(To record cost of goods sold) |
eTextbook and Media
List of Accounts
Correct answer iconYour answer is correct.
Journalize the September transactions, assuming that Grouper 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 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title to record purchase on account | enter a debit amount | enter a credit amount |
enter an account title to record purchase on account | enter a debit amount | enter a credit amount |
(To record purchase on account) | ||
enter an account title to record purchase return | enter a debit amount | enter a credit amount |
enter an account title to record purchase return | enter a debit amount | enter a credit amount |
(To record purchase return) | ||
enter an account title to record sales on account | enter a debit amount | enter a credit amount |
enter an account title to record sales on account | enter a debit amount | enter a credit amount |
(To record sales on account) |
eTextbook and Media
List of Accounts
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Assume that Grouper 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 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Sep. 30 | enter an account title for the adjusting entry on September 30 | enter a debit amount | enter a credit amount |
enter an account title for the adjusting entry on September 30 | enter a debit amount | enter a credit amount | |
enter an account title for the adjusting entry on September 30 | enter a debit amount | enter a credit amount | |
enter an account title for the adjusting entry on September 30 | enter a debit amount | enter a credit amount | |
enter an account title for the adjusting entry on September 30 |
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