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 ago
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