Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer these two part of question thank you 1a. Assume Parry uses the allowance method and a perpetual inventory system. Prepare the necessary journal
please answer these two part of question thank you
1a. Assume Parry uses the allowance method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) 1b. Assume Parry uses the direct method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31,2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) Question not attempted. GENERAL JOURNAL 1a. Assume Parry uses the allowance method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) 1b. Assume Parry uses the direct method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31,2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) Question not attempted. GENERAL JOURNALStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started