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Merryland's had inventory balance $32 570 at close of accounting period. the following sales & purchases are for current period.
(1) Purchased goods on account for $27 190 (2) returned part of the above purchase that had an original purchase price of $1590 (3) paid for the balance of the purchase in time to receive discount of 2% of the purchase price (4) sold goods costing $24 900 for $49 820. cash of $23 000 was received, with the balance due on account. (5) goods sold on credit for $2020 (cost $1010) were returned
required:
(a) Prepare general journal entries (ignoring GST) assuming: 1. a periodic inventory system is used 2. a perpetual inventory system is used.
(b) Same as for requirment (a) except that GST is to be added to the figures where appropriate.
(c) Suppose that a physiacal count of the inventory at the end of the current period shows inventory of $30 000 to be on hand. Present the entries (if any) required under each inventory system to adjust for any discrepency.
(d) Comment on which system would best disclose any discrepency.
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