In a periodic inventory system. My Inventory ( All purchases is 72,700). I have to make...

In a periodic inventory system.

My Inventory ( All purchases is 72,700). I have to make adjusting inventory March 31, 15000

how will I enter in general journal

Solutions

Expert Solution


	Total Purchase	72,700
	Ending Inventory	(15,000)

	Cost of Goods Sold	57,700

	Adjusting Entry would be:
Date	Accounts Title and Explanation	Debit	Credit
Mar-31	Cost of Goods sold	57,700
	Inventory	15,000
	Purchase		72,700
	(To record cost of goods sold and ending Inventory)



	Note: At the time of purchase following entry was passed:

	Purchase	72,700
	Accounts Payable		72,700
	(To record purchase)

ekkarill92 answered 1 year ago

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