Essay
Prepare the journal entries for the transactions listed below under each: Periodic inventory system and Perpetual inventory system.
A.Purchased merchandise for cash, $1,000.
B.Sold merchandise for $600 cash that had cost $480 (cost is 80% of the sales price).
C.Accepted a sales return from a customer: sales price $30.A cash refund was given to the customer.The goods were returned to regular inventory.
D.Returned goods to the vendor because they did not meet our specification; $50 cash refund was received.
Correct Answer:
Verified
Correct Answer:
Verified
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