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Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000

Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000
Transcribed Image Text:Shankar Company uses a periodic system to record Inventory transactions. The company purchases Inventory on account on February 2 for $30,000 and then sells this Inventory on account on March 17 for $50,000. Record transactions for the purchase and sale of Inventory. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field. No 1 2 3 Date February 02 March 17 March 17 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 30,000 50,000 30,000 Credit 30,000 50,000 30,000
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