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Journalize the september transactions for reid supply

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Reference no: EM132564100

Reid Supply is a retailer of school bags. The company is using Gross approach and calculates COGS on monthly basis by taking physical counting of inventory. Following transactions and events occurred during September in respect one the item backpack.

Sept. 5 Purchased 70 backpacks at $20 each from Hunter, terms 5/20, n/30. FOB destination $ 150 was paid.

Sept. 6 Return 6 backpacks purchased on Sept 5 that were found defective.

Sept. 9 Sold 40 backpacks for $30 each to Oliver Books, terms 2/10, n/20. . FOB shipping $ 100 was paid.

Sept. 13 Received 10 backpacks sold on Sep-09 not meeting customer's requirement

Sept. 20 Collect cash from Oliver books.

Sept. 22 Made payment to Hunter.

Required:

Question a. Which Inventory accounting System Company is following, how you come to know this?

Question b. Based on your answer in (a) Journalize the September transactions for Reid Supply.

Reference no: EM132564100

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