Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP ME ANSWER INVENTORY: MERCHANDISING TRANSACTIONS PROBLEMS Take me to the text Suppose that on March 15, 2019, both Company A and Company B

image text in transcribedimage text in transcribed

PLEASE HELP ME ANSWER INVENTORY: MERCHANDISING TRANSACTIONS PROBLEMS

image text in transcribedimage text in transcribedimage text in transcribed
Take me to the text Suppose that on March 15, 2019, both Company A and Company B sold inventory with a cost of $62,800. The updated balance of inventory as at March 1 for both companies was $105,600. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at March 15 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on March 15 A Perpetual $ B Periodic CheckTake me to the text Great Shirt Wholesalers spent $19, 100 to purchase 1,000 shirts from a shirt manufacturer as inventory. Blackstar Shirt Retailers purchased 1,000 shirts for $24, 100 from Great Shirt Wholesalers on March 10, 2019. Payment is due on April 10. Both companies use the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry for Blackstar Shirt Retailers on March 10. Date Account Title and Explanation Debit Credit 2019 Mar 10 Purchased inventory b) Prepare the journal entries for Great Shirt Wholesalers on March 10. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2019 Mar 10 + Sold inventory on account Mar 10 Cost of goods sold for above saleTake me to the text JB Supermarkets bought $2,850 worth of groceries on account from a produce supplier on July 23, 2019. On July 24, JB's bookkeeper was informed that $150 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JB Supermarkets on July 24. Date Account Title and Explanation Debit Credit 2019 Jul 24 Record the purchase return

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra C Jeter, Paul K Chaney

5th Edition

1118022297, 978-1118022290

More Books

Students also viewed these Accounting questions

Question

Why does a qualitative risk assessment work?

Answered: 1 week ago

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago

Question

1. What do I want to achieve?

Answered: 1 week ago