Prepare journal entries for the September transactions, assuming that Ayayai uses a periodic inventory system. $($Credit account

titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase on account$)$

$($To record purchase return$)$

$($To record sales on account$)$

Assume that Ayayai uses a periodic system and prepares financial statements at the end of each month. An inventory count

determines that there are $94$ units of inventory remaining at September $30.$ Prepare the adjusting entry that is needed at

September $30$ to report cost of goods sold. $($Credit account titles are automatically indented when the amount is entered. Do not indent

manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit

entries.$)$

Date Account Titles and Explanation

Debit

Credit

Sep. $30$

Ayayai Ltd$.$ had beginning inventory of $54$ units that cost $$100$ each. During September, the company purchased $202$ units on account

at $$100$ each, returned $8$ units for credit, and sold on account $154$ units at $$200$ each.