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In: Accounting

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 2 years ago
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