Periodic Inventory System
Not what you're looking for?
PERIODIC INVENTORY SYSTEM. I only need assistance with the PERIODIC INVENTORY SYSTEM portion of this assignment. THe portion in red ONLY. Please explain the attached problem. I am having a hard time getting this one and I really need assistance.
QS 5-1:
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Mar. 5 Purchased 600 units of product with a list price of $10 per unit. The purchase is
granted a trade discount of 20%; term of the sale are 2/10, n/60; invoice is dated
March 5.
Mar. 7 Returned 25 defective units from the March 5 purchase and received full credit.
Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.
QS 5-9A:
Refer to QS 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
QS 5-2:
Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM;
invoice dated April 1. The cost of the merchandise is $1,800.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit $600.
The merchandise, which had cost $360, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on
April 4.
QS 5-10A:
Refer to QS 5-2 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
Purchase this Solution
Solution Summary
The solution explains the journal entries in a periodic inventory system
Solution Preview
Please see the attached file
QS 5-1:
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Mar. 5 Purchased 600 units of product with a list price of $10 per unit. The purchase is
granted a trade discount of 20%; term of the sale are 2/10, n/60; invoice is dated
March 5.
Mar. 7 Returned 25 defective units from the March 5 purchase and received full credit.
Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.
QS 5-9A:
Refer to QS 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the ...
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.