Assume Webster Company buys compact disks at a unit cost of $20 and sells them at a unit price of $26.There was no beginning inventory.
Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit:

\begin{array} { l c } \text { Account Name } & \text { Account Code } \\ \text { Inventory } & \text { A } \\ \text { Purchases } & \text { B } \\ \text { Cost of goods sold } & \text { C } \\ \text { Sales revenue } & \text { D } \\ \text { Cash } & \text { E } \end{array}

\begin{array} { c c c } & \text { Transactions } &&&&&&&&&&& \text { Debits } && &&&&\text {Credits} \\ \end{array}

\begin{array} { c c c } &&\text { Codes } & \text { Amounts } & \text { Codes } & \text { Amounts }\\\text { A. Purchased 100 units for cash }\\\text { assuming the perpetual }\\\text { inventory system is used. }\\\text { B. Purchased 100 units for cash }\\\text { assuming the periodic }\\\text { inventory system is used.}\\\text { C. Sold 100 units for cash }\\\text { assuming the perpetual }\\\text { inventory system is used.}\\\text { D. Sold 100 units for cash}\\\text { assuming the periodic}\\\text { inventory system is used.}\\ \end{array}

On December 31,2010,Cruise Company Has 10,000 Units of an Inventory

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