R6. Prepare journal entries
R6. Prepare journal entries for the following business transactions assuming the inventory system is i) perpetual or i 1) on 1/1/2016 Purchase inventory for $10,000 on credit. There is zero inventory in the be beginning balanceÂ
Perpetual system and periodic system
account name     $ amount
Dr:
     Cr:Â
Hint: you will need the following account names: Purchase, inventory, accounts payable
Â
1) on 12/31/2016 sold the entire inventory for $15,000Â
Perpetual system and periodic system
account name   $ amountÂ
 Dr:
     Cr:
Hint: you will need the following account names: sales revenue, cash, cost of goods sold, inventory, purchase system is i) perpetual or ii) periodic s zero inventory in the beginning balance.
Answers
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Posted 20 Jun 2017 02:06 AM
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