Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The followings are the merchandise transactions happened under perpetual inventory system please post a clear pic of answer with 100% perfect solution. 1 1-Jun-20 Sold

The followings are the merchandise transactions happened under perpetual inventory system

please post a clear pic of answer with 100% perfect solution.

1 1-Jun-20 Sold merchandise to SW Inc. for $7,000 term 2/5 , n/15 FOB ( COST of SALES is $6,250)

2 2-Jun-20 Purchased $3500 of merchandise from AMRS Supplier 1/10. n/20, FOB

3 4-Jun-20 Purchased $14,500 inventory from Bombay Sales 1/15, n/45 FOB

4 5-Jun-20 Sold merchandise to GoldenArch Inc. for $11,000 term 2/5, n/15, FOB (Cost of sales is $9,000)

5 6-Jun-20 Collected the amount owing from SW Inc. regarding the Jun1 sales.

6 12-Jun-20 Paid AMRS Supplier for Jun2, 2020 purchase

7 20-Jun-20 Collected the amount owing from GoldenArch Inc.

8 30-Jun-20 Paid Bombay Sales for the Jun4 purchase

Please make entries for the above transactions.

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

British And German Banking Strategies

Authors: S. Janssen

1st Edition

0230220487, 9780230220485

More Books

Students also viewed these Accounting questions

Question

Graph each inequality. y>x - 1

Answered: 1 week ago

Question

Experimental mortality: Did participants drop out during the study?

Answered: 1 week ago