Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the data set below relating to a periodic inventory system, what entries are made on April 6 and April 12? Ignore any cost flow

image text in transcribed
Using the data set below relating to a periodic inventory system, what entries are made on April 6 and April 12? Ignore any cost flow method assumptions. Date Event Amount 1-Apr Beginning inventory 1,000 2.Apr Sales on account (cost 8,000) 12,000 6-Apr Inventory purchases 2/10,n/30 8,000 10-Apr Inventory returns 1,000 12 Apr Freight paid 600 13-Apr Payments on account 2,500 30-Apr Actual Inventory count 2,500 Debit Credit 4/6 Purchases 7,840 Purchase discounts 160 Accounts payable 8,000 4/12 Inventory 600 Cash 600 OB Debit Credit 4/6 Inventory 8,000 Accounts payable 8,000 4/12 Inventory 600 Cash 600 oc Dobit Credit 4/6 Purchases 8,000 Accounts payable 8,000 4/12 Freight in 600 Cash 600 OD Debit Credit 4/6 Inventory 8,000 Accounts payable 8,000 4/12 Freight in 600 Accounts payable 600

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

Recommended Textbook for

Horngrens Financial & Managerial Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136516254, 9780136516255

More Books

Students also viewed these Accounting questions

Question

which of the following statements about ipsec and ssl are true

Answered: 1 week ago