The following amounts summarize Transeer Company's merchandising activities during 2020. Post the activities in the following...
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The following amounts summarize Transeer Company's merchandising activities during 2020. Post the activities in the following T-accounts and calculate the account balances. Assume that the company uses perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory balance, Dec. 31, 2019 $ 188,000 39,000 194,000 Invoice cost of merchandise purchases Shrinkage determined on Dec. 31, 2020 35,000 Cost of transportation-in 2,300 2,600 Cost of merchandise returned by customers and restored to inventory Purchase discounts received 2,000 Purchase returns and allowances received 4,900 Merchandise Inventory Dec. 31, 2019 End. Bal. 0 End. Bal. Cost of Goods Sold 0 The following amounts summarize Transeer Company's merchandising activities during 2020. Post the activities in the following T-accounts and calculate the account balances. Assume that the company uses perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory balance, Dec. 31, 2019 $ 188,000 39,000 194,000 Invoice cost of merchandise purchases Shrinkage determined on Dec. 31, 2020 35,000 Cost of transportation-in 2,300 2,600 Cost of merchandise returned by customers and restored to inventory Purchase discounts received 2,000 Purchase returns and allowances received 4,900 Merchandise Inventory Dec. 31, 2019 End. Bal. 0 End. Bal. Cost of Goods Sold 0
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Balance Dec 31 2019 Invoice Cost of Purchase Return by Customers Transpo... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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