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    matthewdecosta's Avatar
    matthewdecosta Posts: 1, Reputation: 1
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    #1

    Oct 16, 2007, 07:18 AM
    Periodic And Perpetual Inventory Systems
    White chip company purchased merchandise from blue sky company and resale the merchandise inventory to red fox company.

    2 purchased merchandise inventory from blue sky company RM 3600 price,credit terms of 2/15,n/60 and FOB shipping point.

    3 paid RM 200 for shipping charges on April 2 purchase.

    4 returned to blue sky company unacceptable damage merchandise inventory with price of RM 600

    17 made payments to blue sky company for the 2nd April purchase,net of the discount and returned merchandise inventory

    18 sales merchandise inventory to red fox RM 7500,credit terms of 2/10,n/30 and FOB destination.

    21 received from red fox company a Rm 2100,sales return and allowance on the 18 April sales.

    28 received payment from red fox company for the 18 April sales.

    REQUIRED

    Prepare journal entries to record the above transaction for white chip company using the Periodic and Perpetual inventory systems.

    Help me for this.. I don't really understand.. TQ For Your Help
    cake30's Avatar
    cake30 Posts: 1, Reputation: 1
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    #2

    Dec 1, 2007, 07:31 AM
    Recording purchase of inventorry with discount using perpetual inventory system.
    harmonma's Avatar
    harmonma Posts: 2, Reputation: 1
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    #3

    Dec 2, 2007, 08:23 AM
    Inventory balance of $120,000
    Cost of Goods Sold $240,000
    Physical count on Dec. 31, 2000 - $92,000 of ending inventory
    Adjust the inventory records assuming that the perpetual inventory method is used.
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