Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 89

(Supplement 7C) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems
Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during 2012:

Required:
Record each transaction, assuming that Kangaroo Jim Company uses ( a ) a perpetual inventory system and ( b ) a periodic inventory system.