Mar. 1 Purchased copiers from Xerox Co. for $1,000 each; terms 2/10,n/30. 4 Paid Freight Delivery Co. $500 to deliver the copiers to our business. Returned copiers to Xerox Co. for a refund. 11 Paid Xerox Co. the full amount due on the Mar. 1 purchase. 20 Sold copiers to Connie Customer for $2,500 each; terms 1/10,n/30. 21 Paid Freight Delivery Co. $150 to deliver the copiers to Customer. 24 Granted Customer a $200 allowance for cosmetic damage to one of the copiers. 30 Received full payment of the amount due from Customer. 5. Why is the Merchandise Inventory account showing ZERO balance at the end of March? What are the four new accounts used in the Periodic Inventory System? 6. When was Cost of Goods Sold determined... when goods were sold or at the end of the period? 7. What account was used to represent the cost of shipping goods to the customer? 8. What account represents the dollar adjustment made when a customer determined that some goods were defective? 9. What account represents the dollar reduction in the amount owed by the customer because they paid early? 10. What is the dollar value of Merchandise Inventory at the end of March? Van 0,4e Pool Suppliez' merchionsine invenoy deia for the jew ended Decenter 31, Noa5, follow. (CSok fir icon to vire Ae inventary deta) Rend the isisetwithis. Cont af qovest salt in zouth mould be Requirements Data table Mar. 1 Purchased copiers from Xerox Co. for $1,000 each; terms 2/10,n/30. 4 Paid Freight Delivery Co. $500 to deliver the copiers to our business. Returned copiers to Xerox Co. for a refund. 11 Paid Xerox Co. the full amount due on the Mar. 1 purchase. 20 Sold copiers to Connie Customer for $2,500 each; terms 1/10,n/30. 21 Paid Freight Delivery Co. $150 to deliver the copiers to Customer. 24 Granted Customer a $200 allowance for cosmetic damage to one of the copiers. 30 Received full payment of the amount due from Customer. 5. Why is the Merchandise Inventory account showing ZERO balance at the end of March? What are the four new accounts used in the Periodic Inventory System? 6. When was Cost of Goods Sold determined... when goods were sold or at the end of the period? 7. What account was used to represent the cost of shipping goods to the customer? 8. What account represents the dollar adjustment made when a customer determined that some goods were defective? 9. What account represents the dollar reduction in the amount owed by the customer because they paid early? 10. What is the dollar value of Merchandise Inventory at the end of March? Van 0,4e Pool Suppliez' merchionsine invenoy deia for the jew ended Decenter 31, Noa5, follow. (CSok fir icon to vire Ae inventary deta) Rend the isisetwithis. Cont af qovest salt in zouth mould be Requirements Data table
