On May 5, 2022, Food-N-Stuff Wholesalers purchased $2,790 worth of dried fruit inventory plus $270 for...

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On May 5, 2022, Food-N-Stuff Wholesalers purchased $2,790 worth of dried fruit inventory plus $270 for freight charges on account. On May 23, Food- N-Stuff Wholesalers sold all of the dried fruit inventory to Hoblaws Grocers for $4,170 on account. As the bookkeeper for Food-N-Stuff Wholesalers, journalize the transactions using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. For the sale of inventory transactions, enter the revenue transaction first. Required Prepare the journal entries for Food-N-Stuff Wholesalers on May 5 and 23 respectively. Record the sales transaction before the cost transaction. Credit Date Account Title and Explanation 2022 May 5 May 23 May 23 Merchandise Inventory Accounts Payable + To purchase inventory on account Accounts Receivable → Sales Revenue To record sales on account + Cost of Goods Sold + Merchandise Inventory To record cost of goods sold Debit On May 5, 2022, Food-N-Stuff Wholesalers purchased $2,790 worth of dried fruit inventory plus $270 for freight charges on account. On May 23, Food- N-Stuff Wholesalers sold all of the dried fruit inventory to Hoblaws Grocers for $4,170 on account. As the bookkeeper for Food-N-Stuff Wholesalers, journalize the transactions using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. For the sale of inventory transactions, enter the revenue transaction first. Required Prepare the journal entries for Food-N-Stuff Wholesalers on May 5 and 23 respectively. Record the sales transaction before the cost transaction. Credit Date Account Title and Explanation 2022 May 5 May 23 May 23 Merchandise Inventory Accounts Payable + To purchase inventory on account Accounts Receivable → Sales Revenue To record sales on account + Cost of Goods Sold + Merchandise Inventory To record cost of goods sold Debit

Answer rating: 100% (QA)

May 5 Inventory dried fruit 2790 Accounts Payable 3060 To record the purch... View the full answer