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ABC INC uses the periodic inventory system. ABC had the following translations related to merchandise during...

ABC INC uses the periodic inventory system. ABC had the following translations related to merchandise during the month of January 2020.

Jan1 Purchased on account 1000 copies of accounting books for resale for $100 per copy terms were 1/10, n/30
2 Paid $5 per copy cash for shipping on Jan 1st purchase
5 Returned 100 copies of accounting books
9 paid for merchandise purchased on jan 1
17 sold 500 copies on account for $160 per copy, terms were 1/10, n/30
25 Customer returned 50 copies of accounting books sold on jan 17
30 Received payment from customer for accounting books sold on jan 17

1. Prepare journal entires to record above transactions

2. On Jan 31st the company finds that the ending balance of inventory is $50,000 (Assume that the beginning balance of inventory was $30,000). Prepare a T account for inventory. What is the cost of goods sold for January

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ekkarill92 answered 1 year ago
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