Question
In: Accounting
Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company...
Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 8 units for credit, and sold 153 units at $201 each on account.
Correct answer iconYour answer is correct.
Journalize the September transactions, assuming that Grouper Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record purchase on account |
enter a debit amount |
enter a credit amount |
|
enter an account title to record purchase on account |
enter a debit amount |
enter a credit amount |
| (To record purchase on account) | ||
|
enter an account title to record purchase return |
enter a debit amount |
enter a credit amount |
|
enter an account title to record purchase return |
enter a debit amount |
enter a credit amount |
| (To record purchase return) | ||
|
enter an account title to record sales on account |
enter a debit amount |
enter a credit amount |
|
enter an account title to record sales on account |
enter a debit amount |
enter a credit amount |
| (To record sales on account) | ||
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
| (To record cost of goods sold) |
eTextbook and Media
List of Accounts
Correct answer iconYour answer is correct.
Journalize the September transactions, assuming that Grouper Ltd. uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record purchase on account |
enter a debit amount |
enter a credit amount |
|
enter an account title to record purchase on account |
enter a debit amount |
enter a credit amount |
| (To record purchase on account) | ||
|
enter an account title to record purchase return |
enter a debit amount |
enter a credit amount |
|
enter an account title to record purchase return |
enter a debit amount |
enter a credit amount |
| (To record purchase return) | ||
|
enter an account title to record sales on account |
enter a debit amount |
enter a credit amount |
|
enter an account title to record sales on account |
enter a debit amount |
enter a credit amount |
| (To record sales on account) |
eTextbook and Media
List of Accounts
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Assume that Grouper Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 101 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Sep. 30 |
enter an account title for the adjusting entry on September 30 |
enter a debit amount |
enter a credit amount |
|
enter an account title for the adjusting entry on September 30 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title for the adjusting entry on September 30 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title for the adjusting entry on September 30 |
enter a debit amount |
enter a credit amount |
|
|
enter an account title for the adjusting entry on September 30 |
Solutions
Expert Solution
| Inventory | ||||||||
| Debit | Credit | |||||||
| units | per unit | total | units | per unit | total | |||
| Beg bal b/d | 54 | 102 | 5,508.00 | |||||
| purchases | 208 | 102 | 21,216.00 | returned | 8 | 102 | 816.00 | |
| sales | 153 | 102 | 15,606.00 | |||||
| bal c/d | 101 | 10,302.00 | ||||||
| 262 | 26,724.00 | 262 | 26,724.00 | |||||
| Q1) Perpectual inventory system | ||||||||
| Journal entries | Debit | Credit | ||||||
| (Amountn$) | (Amountn$) | |||||||
| Inventory A/c Dr | 21,216.00 | |||||||
| To Accounts payable a/c | 21,216.00 | |||||||
| (Being Inventory purchased on account, 208 units at $102 per unit, totally to$ 21,216) | ||||||||
| Accounts payable A/c Dr | 816 | |||||||
| To Inventory A/c | 816 | |||||||
| (Being inventory returned, 8 units @ $102 i.e. $ 816) | ||||||||
| Cost of goods sold A/c Dr | 15,606.00 | |||||||
| To Inventory A/c | 15,606.00 | |||||||
| (Being 153 units sold so related respective cost is been transferred throught cost of goods sold to Income statement i.e 153*102= 15,606) | ||||||||
| Accounts receivable a/c Dr | 30,753.00 | |||||||
| To sales a/c | 30,753.00 | |||||||
| (Being sales made for 153 units at a price of $ 201 ie..$30,753) | ||||||||
| 2) Periodic inventory system | ||||||||
| Journal entries | Debit | Credit | ||||||
| (Amountn$) | (Amountn$) | |||||||
| Purchases A/c Dr | 21,216.00 | |||||||
| To Accounts payable a/c | 21,216.00 | |||||||
| (Being Inventory purchased on account, 208 units at $102 per unit, totally to$ 21,216) | ||||||||
| Accounts payable A/c Dr | 816 | |||||||
| To Purchase A/c | 816 | |||||||
| (Being inventory returned, 8 units @ $102 i.e. $ 816) | ||||||||
| Inventory A/c Dr | 20,400.00 | |||||||
| To Purchases a/c | 20,400.00 | |||||||
| (Being the closing purchases (asset) will be transferred to Inventory(asset) at the end of the month. 21,216-816=20,400) | ||||||||
| Cost of goods sold A/c Dr | 15,606.00 | |||||||
| To Inventory A/c | 15,606.00 | |||||||
| (Being 153 units sold so related respective cost is been transferred throught cost of goods sold to Income statement i.e 153*102= 15,606) | ||||||||
 ekkarill92 answered 1 year agoRelated SolutionsAt the beginning of the year, Grouper Ltd. had 910 units with a cost of $5...At the beginning of the year, Grouper Ltd. had 910 units with a
cost of $5 per unit in its beginning inventory. The following
inventory transactions occurred during the month of
January:
Jan.
3
Sold 730 units on account for $10 each.
9
Purchased 970 units on account for $6 per unit.
15
Sold 840 units for cash at $9 each.
Prepare journal entries for these January transactions assuming
that Grouper Ltd. uses FIFO under a periodic inventory system.
Grouper...
Ella Company had 160 units in beginning inventory at a total cost of $320. The company...
Ella Company had 160 units in beginning inventory at a total
cost of $320. The company purchased 400 units at a total cost of
$1,500. At the end of the year, Ella had 120 units in ending
inventory
Beginning 160 units ($2.00) $ 320
Purchases 500 units ($3.00) 1,500
Cost of goods available for sale $1,820
A physical count of ending inventory on June 30 reveals that
there are 100 units on hand.
REQUIREMENTS:
Calculate the cost of ending inventory...
Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st. During...Sheldon Company had 2,000 units of inventory costing $10,000 in
beginning inventory at July 1st. During July, Sheldon
Co. engaged in the following transactions:
July 3rd - The company paid cash to purchase 1,000
units of inventory for $6,500.
July 10th - The company paid cash to purchase 1,200
units of inventory for $8,400.
July 24th – The company paid cash to purchase 250
units of inventory for $2,125.
Throughout July, the company sold inventory 3,700 units of
inventory for...
4. Sylvia's Designs Co. had the following inventory activity during April: Units Unit Cost Beginning inventory...4. Sylvia's Designs Co. had the following inventory
activity during April:
Units
Unit
Cost
Beginning inventory
100
$10
Purchase (April 3)
50
12
Sale (April 10)
80
Purchase (April 18)
40
14
Purchase (April 23)
60
15
Sale (April 28)
120
Assuming Sylvia's uses a perpetual LIFO cost flow
assumption, ending inventory for April would be
a.
$ 750
b.
$2,560
c.
$ 500
d.
$2,310
Groves Company Inc. had a beginning inventory of 300 units of Product MLN at a cost...Groves Company Inc. had a beginning inventory of 300 units of
Product MLN at a cost of $8 per unit. During the year, purchases
were:
Feb. 20 700 units at $9
Aug. 12 600 units at $11
May 5 500 units at $10
Dec. 8 100 units at $12
Groves Company uses a periodic inventory system. Sales totaled
1,800 units.
Instructions:
(a) determine the cost of goods
available for sale.
(b) Determine the ending inventory and
the cost of goods...
Botter Company had a beginning inventory of 200 units at a cost of $13 per unit...
Botter Company had a beginning inventory of 200 units at a cost
of $13 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
Sales
August
4
250 units at $14
August
7
150 units
August
15
350 units at $15
August
11
100 units
August
28
200 units at $16
August
17
300 units
August
24
200 units
Botter uses a periodic inventory system.
Instructions
Determine ending inventory and cost of goods sold...
Elston Company had a beginning inventory of 200 units at a cost of rm12 per unit...
Elston Company had a beginning inventory of 200 units at a cost
of rm12 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
______________Sales
________
August 4 250
units at
RM13/unit
August
7 150 units @
RM20
August 15 350 units at
RM15/unit
August
11 100 units @ RM20
August 28 200 units at
RM14/unit
August
17 250 units @ RM25
August
24 260 units @...
Please answer asap Elston Company had a beginning inventory of 200 units at a cost of...Please answer asap
Elston Company had a beginning inventory of 200 units at a cost
of rm12 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
______________Sales
________
August 4 250
units at
RM13/unit
August
7 150 units @
RM20
August 15 350 units at
RM15/unit
August
11 100 units @ RM20
August 28 200 units at
RM14/unit
August
17 250 units @ RM25
August
24 ...
A company has beginning inventory of 17 units at a cost of $17 each on February...A company has beginning inventory of 17 units at a cost of $17
each on February 1. On February 3, it purchases 27 units at $19
each. 21 units are sold on February 5. Using the FIFO periodic
inventory method, what is the cost of the 21 units that are
sold?
A company has beginning inventory of 14 units at a cost of $12.00 each on October...A company has beginning inventory of 14 units at a cost of
$12.00 each on October 1. On October 5, it purchases 13 units at
$13.00 per unit. On October 12 it purchases 23 units at $14.00 per
unit. On October 15, it sells 39 units. Using the FIFO periodic
inventory method, what is the value of the inventory at October 15
after the sale?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|