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Appendix 2 PR 5-9A Sales and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 5-4A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 5, Problem 9PA
Textbook Problem
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Appendix 2

PR 5-9A Sales and purchase-related transactions for buyer and seller using periodic inventory system

Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 5-4A.

Instructions

Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system.

1.

To determine

Record the journal entries for Company S under periodic inventory system.

Explanation of Solution

A purchase is an activity of acquiring the merchandise inventory of a business.

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

Record the journal entries for Company S under periodic inventory system.

DateAccount Titles and ExplanationsDebitCredit
August   
1Accounts Receivable- Company B47,040 
 Sales ($48,000×(100%2%)) 47,040
 (To record the sale of merchandise on, FOB destination)  
    
2Delivery Expense1,150 
 Cash 1,150
 (To record the delivery expense)  
    
5Accounts Receivable- Company B66,000 
 Sales 66,000
 (To record the sale of merchandise on, FOB shipping point)  
    
15Accounts Receivable- Company B58,700 
 Sales 58,7

2.

To determine

Record the journal entries for Company B under periodic inventory system.

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Chapter 5 Solutions

Financial And Managerial Accounting
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