Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account. Journalize the September transactions, assuming that Concord Ltd. uses a perpetual 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.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) Journalize the September transactions, assuming that Concord Ltd. 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.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 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.) Date Account Titles and Explanation Debit Credit Sep. 30 enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount

Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account. Journalize the September transactions, assuming that Concord Ltd. uses a perpetual 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.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) Journalize the September transactions, assuming that Concord Ltd. 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.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit amount enter a credit amount (To record purchase return) enter an account title to record sales on account enter a debit amount enter a credit amount enter an account title to record sales on account enter a debit amount enter a credit amount (To record sales on account) Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 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.) Date Account Titles and Explanation Debit Credit Sep. 30 enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount enter an account title for the adjusting entry on September 30 enter a debit amount enter a credit amount

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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Journalize the September transactions, assuming that Concord Ltd. uses a perpetual 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.)

Account Titles and Explanation	Debit	Credit
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
(To record purchase on account)
enter an account title to record purchase return	enter a debit amount	enter a credit amount
enter an account title to record purchase return	enter a debit amount	enter a credit amount
(To record purchase return)
enter an account title to record sales on account	enter a debit amount	enter a credit amount
enter an account title to record sales on account	enter a debit amount	enter a credit amount
(To record sales on account)
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
(To record cost of goods sold)

Journalize the September transactions, assuming that Concord Ltd. 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.)

Account Titles and Explanation	Debit	Credit
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
enter an account title to record purchase on account	enter a debit amount	enter a credit amount
(To record purchase on account)
enter an account title to record purchase return	enter a debit amount	enter a credit amount
enter an account title to record purchase return	enter a debit amount	enter a credit amount
(To record purchase return)
enter an account title to record sales on account	enter a debit amount	enter a credit amount
enter an account title to record sales on account	enter a debit amount	enter a credit amount
(To record sales on account)

Assume that Concord Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 98 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.)

Date	Account Titles and Explanation	Debit	Credit
Sep. 30	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on September 30	enter a debit amount	enter a credit amount

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