Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

How to record these transactions using both merchandise accounting methods? 3. Journal Entries- Record the journal entries for each of the transactions below using BOTH

How to record these transactions using both merchandise accounting methods?

image text in transcribed
3. Journal Entries- Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual. Do not add explanations or PR. Transactions: 1. Your company bought $1,000 (+13% HST) of merchandise for cash.~ 2. Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30.~ 3. Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST)~ 4. You sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value of the merchandise was $1,200.~ 5. You paid Federal Express to ship one of your recent inventory purchases to yourself. The bill was $200 (+13% HST). You paid it in cash." Periodic Method Perpetual Method Date Particulars PR DR CR Date Particulars PR DRe CR t t t t t t t t t t t t t t

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial and Managerial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

2nd edition

978-1118334263

Students also viewed these Accounting questions

Question

organistional behaviour case study report on aged care

Answered: 1 week ago