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Category > Accounting Posted 21 Nov 2017 My Price 4.00

Periodic inventory system journal entries

Periodic inventory system; journal entries

[This is a variation of E 8–1 modified to focus on the periodic inventory system.]

John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2016:

1. John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.

2. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.

3. Merchandise costing $2,800 was sold for $5,200 in cash.

Required:

 

Prepare the necessary journal entries to record these transactions.

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SmartExpert
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Status NEW Posted 21 Nov 2017 03:11 AM My Price 4.00

Per-----------iod-----------ic -----------inv-----------ent-----------ory----------- sy-----------ste-----------m j-----------our-----------nal----------- en-----------tri-----------es-----------

Attachments

file 1511235998-Periodic inventory system journal entries.docx preview (179 words )
P-----------eri-----------odi-----------c i-----------nve-----------nto-----------ry -----------sys-----------tem----------- jo-----------urn-----------al -----------ent-----------rie-----------s -----------[Th-----------is -----------is -----------a v-----------ari-----------ati-----------on -----------of -----------E 8-----------–-----------1 m-----------odi-----------fie-----------d t-----------o f-----------ocu-----------s o-----------n t-----------he -----------per-----------iod-----------ic -----------inv-----------ent-----------ory----------- sy-----------ste-----------m.]----------- J-----------ohn-----------’-----------s S-----------pec-----------ial-----------ty -----------Sto-----------re -----------use-----------s a----------- pe-----------rio-----------dic----------- in-----------ven-----------tor-----------y s-----------yst-----------em.----------- Th-----------e f-----------oll-----------owi-----------ng -----------are----------- so-----------me -----------inv-----------ent-----------ory----------- tr-----------ans-----------act-----------ion-----------s f-----------or -----------the----------- mo-----------nth----------- of----------- Ma-----------y 2-----------016-----------: -----------1. -----------Joh-----------nâ€-----------™s -----------pur-----------cha-----------sed----------- me-----------rch-----------and-----------ise----------- on----------- ac-----------cou-----------nt -----------for----------- $5-----------,00-----------0. -----------Fre-----------igh-----------t c-----------har-----------ges----------- of----------- $3-----------00 -----------wer-----------e p-----------aid----------- in----------- ca-----------sh.----------- -----------2. -----------Joh-----------nâ€-----------™s -----------ret-----------urn-----------ed -----------som-----------e o-----------f t-----------he -----------mer-----------cha-----------ndi-----------se -----------pur-----------cha-----------sed----------- in----------- (1-----------). -----------The-----------
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