WebRefunded $600 to customer for defective merchandise that was not returned. Sales transaction Journalize the following merchandise transaction using the net method … Webcompany that uses the perpetual inventory system purchased 500 pallets of industrial soap for $1,000 and paid $150 for the eight - in The company sold the whole lot to a …

Periodic Inventory vs. Perpetual Inventory: What

WebAnswered: Journalize the following merchandise… bartleby. ASK AN EXPERT. Business Accounting Journalize the following merchandise transactions, using the net method … WebUnder the perpetual inventory system, remember we want to constantly update the inventory balance to match what we paid for the inventory and for what we have on hand. We will be using ONLY 3 accounts for any journal entries as the buyer: Cash. Merchandise Inventory (or Inventory) Accounts Payable. Cash and Merchandise Inventory accounts … brantley construction co llc

Recording Purchases Using the Perpetual System - Study.com

WebUnder the LIFO perpetual system the 400 units at $13 purchased on November 27 are all applied to the ending inventory. The ending inventory in this LIFO perpetual illustration is $5,700, and cost of goods sold is $6,300, as compared to the LIFO periodic calculated before where the ending inventory is $5,000 and cost of goods sold is $7,000. WebAssuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods soid on October 29. WebApr 12, 2011 · The following example provides the journal entries to record inventory purchase using gross method and net method under periodic inventory system. Example. Company A purchased goods having gross price of $6,000. The supplier offered discount of 8% for payments within 15 days after sale. brantley cooper