Prepare each entry that is different under a periodic system

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Reference no: EM133922173

Problem

Martin Sports Equipment sells a variety of sports items. The following data relates to Martin's inventory of golf club sets. On March 1, 2024, Martin had 22 sets of clubs in inventory at a cost of $395 each. During March, the following transactions occurred:

Mar. 2 Sold seven sets of clubs on account to Flex Golf Club for $560 each, cost of goods sold is $2,765. Terms 2/10, n/30.

2 Martin Sports paid cash of $275. to ship clubs to Flex Gold Club.

4 Flex Golf Club returned two sets of clubs. Martin returned the clubs to inventory.

11 Flex Golf Club paid the account in full. Get the instant assignment help.

15 Purchased eight sets of clubs from Taylor Sports Canada at $395, terms n/30.

17 Freight of $600 on the purchase from Taylor was FOB destination and was paid by the appropriate party.

18 Sold six sets of clubs at $560 each for cash, and gave a 5% discount to the customer for paying cash. Each set of clubs cost $395.

22 Purchased 11 sets of clubs from Lopez Golf for $400 each, terms 3/10, n/30.

24 Returned one set of clubs to Lopez Golf because they were defective.

31 Paid the Lopez Golf account.

Task

I. Using the perpetual inventory system, prepare the journal entries to record the transactions for the month of March.

II. Prepare each entry that is different under a periodic inventory system. (if you include entries that are not different in your journal marks will be deducted).

Reference no: EM133922173

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