Question
ON 1st of May the company purchased 100 units of merchandises at a cost of $15 / unit The transaction was made with discount terms
ON 1st of May the company purchased 100 units of merchandises at a cost of $15 / unit
The transaction was made with discount terms 2/10, n/30
On 7 of May the company sold 60 units for $2,000. The client paid in cash
On May 12 the company paid the supplier for the purchased of May 1st
On May 15 the company received the payment from the client for the sale of May 7.
1.- Record the transaction on the journal considering the company uses a perpetual inventory system
2.- Calculate the ending inventory
3.- Record the transactions considering the company uses a periodic inventory system
4.- Calculate the cost of the goods sols (Use yous answer to question 2 for the value of the ending inventory)
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The Why And How Of Auditing Auditing Made Easy
Authors: Charles B. Hall
1st Edition
0578519739, 978-0578519739
