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Assume you are using perpetual inventory system:
A) Record the below transactions in a journal
B) Post the transactions to T-Ledger Accounts.
C) Then determine the followings
· Merchandise Inventory Balance $
· COGS Balance $
· Net Sales $
· Gross Profit on Sales $
· Gross Profit Rate
Transactions
1. Purchased goods for $140,000 on credit with terms 2/10, n/30.
2. Returned $5,000 of the merchandise.
3. Paid for the merchandise in transaction 1 within 10 days.
4. Sold goods for $45,000 on credit with terms 2/10, n/30. The cost of the goods was $25,000.
5. $4,000 of the goods in transaction 4 was returned. Sale price of goods was $7,000.
6. Received payment for transaction 4 within 10 days.
7. Goods in transaction 1 were purchased with FOB shipping point. The transportation cost $300
was paid in cash.
8. It’s discovered that $700 worth of goods was missing
1. Merchandise inventory dr.Accounts payable cr.2. Accounts payable dr.Merchandise inventory cr.3. Accounts payable dr. 140,000140,000 5000135000 5000 Cash cr. 132300 Merchandise inventory…
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