question archive BAT4M Unit 1 Activity 10-1 Assignment Perpetual & Periodic Inventory Transactions Analyze each of the following transactions for Collegiate Office Supply and record journal entries under both the: (1) periodic inventory system, and (Record all transactions first) THEN (2) perpetual inventory system
BAT4M Unit 1 Activity 10-1 Assignment Perpetual & Periodic Inventory Transactions Analyze each of the following transactions for Collegiate Office Supply and record journal entries under both the: (1) periodic inventory system, and (Record all transactions first) THEN (2) perpetual inventory system
Subject:AccountingPrice: Bought3
BAT4M
Unit 1 Activity 10-1 Assignment
Perpetual & Periodic Inventory Transactions
Analyze each of the following transactions for Collegiate Office Supply and record journal entries under both the:
(1) periodic inventory system, and (Record all transactions first)
THEN
(2) perpetual inventory system. (Record all transactions second)
a) Purchased 90 desk sets at $15 to display for sale in store, 2/10, n/30
b) Returned four desks as they were damaged and not able to be sold.
c) Paid for purchase made in (a) within 10 days
d) Paid for purchase made in (a) within 30 days
e) Sold 50 desks to the local school for $35 each, 2/10 n/30 (assuming that the merchandise that was purchased was paid for within the 10 day period)
f) Customer returned 10 desks they purchased in (e)
g) Customer paid for the purchase they made in (e) in 10 days
h) Customer paid for the purchase they made in (e) in 30 days
