Presented Below Are Selected Transactions for Manclave Corporation During July

Essay

Presented below are selected transactions for Manclave Corporation during July.Jul 1 Sold merchandise to Regina Inc. for $1,000, terms 3/10, n/30. The merchandise sold cost $600.2 Purchased merchandise from Novalle Corporation for $5,200, terms 4/10, n/30.3 Paid freight charges of $150 on items purchased on July 2.4 Purchased merchandise from Ollie Company Ltd. for $7,500, n/30.10 Received payment from Regina Inc. for purchase of July 1.11 Paid Novalle Corporation for July 2 purchase.Instructions
a. Record the above transactions for Manclave Corporation, assuming a perpetual inventory system is used. The cost of goods sold on July 1 was determined to be $400.
b. Record the above transactions for Manclave Corporation, assuming a periodic inventory system is used.