The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventory
The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventory
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 7PB: Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as...
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