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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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( Appendix 6A) Recording Purchase and Sales Transactions

Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system.

Required:

Prepare the journal entries to record these transactions on the books of Raymond Company.

To determine

Concept introduction:

Periodic Inventory System:

The periodic inventory system records and updates the inventory at the end of a particular period. The inventory balance is not updated after each transaction and it is updated periodically.

To prepare:

The journal entries in the books of buyer using the periodic inventory system.

Explanation

The journal entries in the books of buyer using the periodic inventory system are explained as follows:

Raymond Company
Journal Entries
Periodic Inventory System
Date Account Title Debit Credit
Jan. 1 Purchases $ 5,000
Accounts Payable-Geeslin Company $ 5,000
(Being merchandises purchased on account)
Jan...

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