Question

Accounting records for Corporation yield the following data for the year ended ​, ​(assume sales returns are​ non-existent):

Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57,000
Sales of inventory – 84% on account; 16% for cash (cost $43,000) . . . .92,000
Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000


Requirement:
Journalize inventory transactions for the year under the perpetual system. ​

Answer 1

Follows are the Journalize inventory transactions to this question:

Step-by-step explanation:

accounts names debit credit

The stock of Merchandise 57000

Accounts due 57000

Account purchase of stock

Goods for sale cost 43000

The stock of Merchandise 43000

Price of products sold during the year

Cash 14720

Receivable accounts 77280

Sales 92000

Goods Revenue

No inventory closing entry required