Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with A. B. and C. asking you to record the following events. Complete parts a, b, and c. Our Stuff managers also want

please help with A. B. and C. image text in transcribed
image text in transcribed
asking you to record the following events. Complete parts a, b, and c. Our Stuff managers also want you to provide information about the sale of inventory. They are Sale of inventory me 7 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. 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 June 13 $240. June 20 Shipped merchandise that had cost us 5940 to Jones. New Stuff billed the customer S1,175 on the sale and paid $25 in freight to get the merchandise to the customer. June 30 Received a check for the Smith June 7 sale. Record the transactions above using the periodic inventory system. 2 Periodic Inventory Entries: 10 land W7 Sales 713 Sales Returns Aces Ree 720 Taught 200 las THE b. Record the transactions using the perpetual inventory system. Perpetual Inventory Entries: c. What information can you get from the periodic system that you cannot get from the perpetual system? What information can you get from the perpetual system that you cannot get from the periodic system

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

Identify four applications of HRM to healthcare organizations.

Answered: 1 week ago