Periodic inventory system and perpetual inventory system

Assignment Help Financial Accounting

Reference no: EM131202442

Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise.

Sold merchandise on credit to Rondo Distributors, terms n/30, FOB destination, $1,200; the cost of the merchandise was $720.

Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice.

Reference no: EM131202442

Questions Cloud

How did you arrive at the number of co molecules in drawing : The following drawing represents a sample of H2. Make a corresponding drawing of the CO needed to react completely with the H2. How did you arrive at the number of CO molecules in your drawing?

About investing in business activities : Two acquaintances have approached you about investing in business activities in which each is involved. Nateisha is seeking $680 and Tian needs $590. One year from now your original investment will be returned, along with $61 income from Nateisha or ..

What is the amount of finished goods inventory : During its first year of operations, Silverman Company paid $15,085 for direct materials and $10,200 for production workers' wages. Lease payments and utilities on the production facilities amounted to $9,200 while general, selling, and administrativ..

Define the organization vision statement : Explain the process for ensuring the number, competency, and skill mix of staff as related to the provision of needed services. Analyze the types of information and information systems capabilities needed by healthcare organizations.

Periodic inventory system and perpetual inventory system : Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise. Sold merchandise on credit to Rondo Distributors,..

How the strategy maximizes the amount of transferred wealth : You are an associate in a boutique tax consulting firm that specializes in the real estate industry. Consider how the strategy maximizes the amount of transferred wealth to the client's children over time and explain the amount in an Excel spreadsh..

Write a description of the aim of the gieven sports science : Write a description of the aim of the following. - Phase two of training is associated with gaining maximum strength of the basketball player.

Identify 1 subpopulation of southeastern united states : How do departments of health on the state and the local level contribute to the maintenance and management of public health? Are public health agencies on the federal, state and local level successful in ensuring that public health is maintained?

Recruited for the senior accountant position : This was Joel Craig's first visit to the controller's corner office since being recruited for the senior accountant position in May. Because he'd been directed to bring with him his preliminary report on year-end adjustments, Craig presumed he'd done..

User Account

All Pages