Recording Inventory ActivitiesPerpetual SystemQuestion 1: Shipped merchandise that cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days.Dr Account Dr AmountCr Account Cr AmountDr Account Dr AmountCr Account Cr Amount

Q: Journalize the following transactions of Martinez Company for April in the journal page provided:

A: Under Perpetual Inventory System, Sales and Cost of Goods Sold transactions are recorded as and when…

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: * I am not getting the same answer as it is given in the column but i have used the correct…

Q: Magnesium Inc. uses a perpetual inventory system and follows the ASPE standards. During April, the…

A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…

Q: Accounting for Merchandise Inventory Purchases                                       Journalize the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Layla Company uses the periodic inventory system. Layla started the period with $22,000 in…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

Q: Seize Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000…

A: The cost of goods sold is the amount of the direct cost incurred to sell the goods. They can be the…

Q: Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system.…

A: A periodic inventory system is a system used to determine the inventory at the end of specific…

Q: POIN CARD TO 1ERM WALGRE NOT OR Chapter 6 The following information is available for ACT230 Company:…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: Journalize the April transactions for Bird Company (the buyer).

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Determine the cost of merchandise sold for the transaction on October 25 using the perpetual…

A: In FIFO it is assumed that the first purchased item will be sold first. So, the closing inventory…

Q: Assume the perpetual inventory system is used. 1) Green Company purchased merchandise inventory that…

A: Given  Perpetual inventory system is used Payment terms = 2/10, n/30 Payment made in 10 days,…

Q: Inventory Costing Methods: Periodic FIFO (Appendix 6B) Filimonov Inc. has the following information…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning…

A: Inventory is one of the important current asset of the business, which includes inventory of raw…

Q: Assume that Telca Co. uses periodic inventory system. The following are the transactions that…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale…

A: LIFO Method of perpetual inventory system: LIFO means Last in First out. In this method, units…

Q: Required: Record the following transactions of Evelyn's Designs in a general journal. The company…

A: Perpetual inventory system means to record the transactions regularly in the books.

Q: Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory…

A: Journal entries in the books of Bird Company:

Q: Required: a) Prepare inventory card by FIFO Method.  b) Market value of inventory is Rs. 9000, what…

A: Concept: As per IAS 2 Inventory valuation, business must record it's inventory at lower of cost or…

Q: ABC Co. a wholesaler has the following information for the month of Aug Date Transaction Units Unit…

A: Under the FIFO method, the goods which are purchased first are also sold first.

Q: Inventory system and the gross method. 1 Sold merchandise for $6,400, with credit terms n/30;…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Transactions for the month of June were: Purchases Sales (balance) 1,200 @ $3.20 3,300 @ 3.10 1,800…

A: Inventory valuation could be done in FIFO, LIFO, and Weighted Average Method. Under the FIFO method,…

Q: Example 1. On April 15, X Company sold Merchandise to Y Company for $1,500 on terms of 2/10, n/30,…

A: Notes: Under FOB shipping buyer is responsible for the payment of transportation. And when perpetual…

Q: Feb. 10: Sold merchandise inventory on account for S4,300. Payment terms were 3/15, n/30. These…

A: Journal entry: It is prepared to record the financial and non financial transaction of the business…

Q: Q/ Here are the inventory records for AT Co for the month of Mar. Date Account nameQuantity Unit…

A: Inventory is one of the current asset of the business reported in the balance sheet. It includes…

Q: April  1 (balance on hand) 600 @ $6.00 April  3 500 @ $10.00    4 1,500 @  6.08    9 1,300 @  10.00…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Journalize the following transactions on the books of Veronica Company, assuming a perpetual…

A: FOB shipping point, 2/10, n/30, means if the payment is made within 10 days , then a cash discount…

Q: Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of…

A: Journal entries for part 1, 2 and 3 were as follows:

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Journalize the following merchandise transactions. The company uses the perpetual inventory system.…

A:

Q: 1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3…

A: Under the LIFO method, it assumes the current inventory is sold first. In this method, the closing…

Q: Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased…

A: Net purchases = Total purchases - purchase return =74000-9000 = 65000

Q: Cost of Goods Sold and the Periodic System Kanzu Company uses the periodic inventory system. Kanzu…

A: Periodic inventory system does not continually modify inventory amounts, but instead periodically…

Q: On September 1, Hydra purchased $13,300 of inventory items on credit with the terms 1/15, net 30,…

A: Under net method of accounting for purchase discounts, it is assumed that every payment will be made…

Q: P5B-39A Journalizing purchase and sale transactions-periodic inventory system Journalize the…

A: Journal entry is used to record the transactions in the books of the business. Every accounting…

Q: Assets Merchandise Inventory ______            __________   Estimated Returns Inventory ________…

A: Trial balance refers to the list of all the general ledger accounts contained in the ledger of a…

Q: Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory…

A:

Q: 1. Joca Co. purchased goods with an invoice price of P100,000 on account from Nap Co. on Dec. 27,…

A: December 31, 20x1 Purchases 100000     Accounts payable   100000   (To record purchase of goods…

Q: 1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to…

A: Gross method is the method of recording the cash discount where discount is recorded at the time of…

Q: uses the periodic method of recording inventory. A pi tory on hand at 3I December 2021. included in…

A: The answer has been mentioned below.

Q: 3. Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11,…

A: Inventory valuation is the calculation of the total value of the inventory hold by the business or…

Q: Satoor, Inc., which uses a periodic inventory system, purchased merchandise from Taye Company on…

A: FOB Shipping point Implies that the buyer assumes title and owns the goods in transit, pays the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is