The following information is taken from the accounting records of Bragg Ltd for year ended 30 June
Question:
The following information is taken from the accounting records of Bragg Ltd for year ended 30 June 2016:
1. Assuming all purchases and sales were in single transactions, prepare summary journal entries and closing entries using:
a. Perpetual inventory
b. Periodic inventory.
2. Prepare income statements for the year ended 30 June 2016 using both inventory systems.
Transcribed Image Text:
Inventory 1 July 2015 Purchases (all credit) Sales (all credit) Inventory 30 June 2016 Operating expenses (all cash) The company's mark-up is 50 per cent on cost 30 000 110000 180 000 18 600 35 000
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Based on the information youve provided and assuming that all transactions purchases sales and operating expenses were the only ones for the fiscal ye...View the full answer
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Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170349680
6th Edition
Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson
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