Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB 2) Oct1 Business sold $7830 inventory to NCE's Ic., the cost is $1130. Terms 2/15, n/30 FOB 3) Oct4, Business returned defective $275 inventory back to GSC's Inc. 4) Oct7 Business paid delivery $235 for the inventory sales to NCE's Inc. 5) Oct8 Business issued a credit memo $215 to NCE's Inc., regarding the sales discount on Oct1 6) Oct9 business purchased inventory $4230 from Bob's Ltd, Terms: 1/5, n/10, FOB 7) Oct11 Business paid the GSC's Inc. in full. 8) Oct16 Business Received NCE's Inc's money. 9) Oct30 paid Bob's Ltd for the Oct9 purchase.

Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB 2) Oct1 Business sold $7830 inventory to NCE's Ic., the cost is $1130. Terms 2/15, n/30 FOB 3) Oct4, Business returned defective $275 inventory back to GSC's Inc. 4) Oct7 Business paid delivery $235 for the inventory sales to NCE's Inc. 5) Oct8 Business issued a credit memo $215 to NCE's Inc., regarding the sales discount on Oct1 6) Oct9 business purchased inventory $4230 from Bob's Ltd, Terms: 1/5, n/10, FOB 7) Oct11 Business paid the GSC's Inc. in full. 8) Oct16 Business Received NCE's Inc's money. 9) Oct30 paid Bob's Ltd for the Oct9 purchase.

Name: Please record the entries for the inventory transactions below (Perpe
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Description: Please record the entries for the inventory transactions below (Perpetual Inventory System)1) Oct1 Business purchased $5350 of inventory from GSC's Inc.. Terms 2/10, n/20 FOB2) Oct1 Business sold $7830 inventory to NCE's Inc., the cost is $1130. Ter

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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