Monty Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 206 units on account at $101 each, returned 6 units for credit, and sold 154 units at $202 each on account.

Journalize the September transactions, assuming that Monty 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)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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Journalize the September transactions, assuming that Monty 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)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

Assume that Monty Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 99 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	enter a debit amount	enter a credit amount