PERPETUAL METHOD

Question 31 (1 point) Account titles available for use: Cash Purchases Accounts Receivable Purchase Allowances Sales Revenue Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-in Loss from Inventory Shrinkage Purchase Returns Cost of Goods Sold Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "S" or commas in your answer. For compound entries list the larger debits and credits first. Sold inventory that had cost us $800 for $1,000 on account to Smith. Freight to get the merchandise to our customer was paid by the customer. DR ACCT A) DR amount AY CR ACCT Account titles available for use: Cash Accounts Receivable Accounts Payable Purchase Discounts Purchases Purchase Returns Purchase Allowances Sales Revenue Inventory Supplies Freight in Loss from Inventory Shrinkage Sales Returns Cost of Goods Sold Freight Expense Interest Expense Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list the larger debits and credits first. Accepted a return of merchandise from the June 7 sale to Smith that was the wrong size for the customer. We had sold the merchandise for $300; our cost was $240. DR ACCT ADR amount A/ CRACCT A CR amount Account titles available for use: Cash Accounts Receivable Accounts Payable Purchase Discounts Purchases Purchase Returns Purchase Allowances Sales Revenue Freight Expense Inventory Supplies Freight-in Loss from Inventory Shrinkage Sales Returns Cost of Goods Sold Interest Expense Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list the larger debits and credits first. Shipped merchandise that had cost us $940 to Jones. New Stuff billed the customer $1,175 on the sale and paid $25 in freight to get the merchandise to the customer. DR ACCT A DR amount A/ CR ACCT A CR amount Account titles available for use: Cash Purchases Purchase Returns Accounts Payable Purchase Discounts Accounts Receivable Purchase Allowances Sales Revenue Freight Expense Sales Returns Inventory Supplies Freight in Loss from Inventory Shrinkage Cost of Goods Sold Interest Expense Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Received a check for the Smith June 7 sale, DR ACCT A DR amount A/ CR ACCT A CR amount AZ Account titles available for use: Cash Purchases Purchase Returns Cost of Goods Sold Accounts Receivable Purchase Allowances Sales Revenue Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-in Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. Gnu Company uses the perpetual method of recording inventory. Its records show Inventory on hand of $15,889. A count of the inventory, however, finds only $14,278 of inventory on hand. Record the entry needed by Gnu to correct its records. DR ACCT A/ DR amount A/ CR ACCT Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-in Loss from Inventory Shrinkage Purchase Returns Sales Revenue Freight Expense Cost of Goods Sold Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. George, Inc. uses the perpetual method of recording inventory. Its records show Inventory on hand of $105,773. A count of the inventory, however, finds only $98,200 of inventory on hand. Record the entry needed by George to correct its records. Assume an amount over 5% of total inventory would be considered material. DR ACCT AJ DR amount A