Reference no: EM132478426
Question - Inventory Journal Entries under Perpetual and Periodic Inventory Systems
The following transactions occurred in January 2019 for Atlantic Corp:
Jan 3 Purchased inventory on account from Cooley Wholesalers, $6,500, Terms 2/15, n/30.
Jan 3 Paid shipping bill of $100 related to the Jan 3 purchase.
Jan 6 Returned $1,500 of the inventory purchased from Cooley Wholesalers on Jan 3.
Jan 8 Sold inventory to Herrick Co, $8,000, on account terms 2/10, n/30. The cost of this inventory was $3,700.
Jan 9 Purchased inventory on account from Tyson Inc, $3,600, terms 3/10, n/EOM.
Jan 10 Paid Cooley Wholesalers.
Jan 12 Received payment from Herrick Co.
Jan 13 After a negotiation regarding slightly damaged goods, received a $500 allowance from Tyson Inc.
Jan 15 Sold inventory to Jasper Inc, $2,700, on account, terms 2/10, n/30. The cost of this inventory was $1,500.
Jan 15 Paid shipping bill of $50 related to the Jan 15 sale and delivery to the customer.
Jan 22 Paid Tyson Inc.
Jan 23 Jasper Inc returned $300 of the inventory sold on Jan 15. The cost of this inventory was $120. The inventory was placed back into sellable inventory.
Jan 28 Received payment from Jasper Inc.
Requirements -
1) Record the journal entries for the above transactions assuming that Atlantic Corp uses a perpetual inventory system.
2) Record the journal entries for the above transactions assuming that Atlantic Corp uses a periodic inventory system.
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