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Intermediate Accounting, having trouble with this chapter, appreciate the help! Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the
Intermediate Accounting, having trouble with this chapter, appreciate the help!
Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203 units on account at $100 each, returned 9 units for credit, and sold 151 units at $202 each on account. Journalize the September transactions, assuming that Riverbed 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 O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) (To record sales on account) (To record cost of goods sold) Journalize the September transactions, assuming that Riverbed 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 Ofor the amounts.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) (To record sales on account) Assume that Riverbed Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 95 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30Step by Step Solution
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