Journalize and post the preceding transactions (Exercise 15B-2) using a twocolumn
journal and T accounts.

Data From (Exercise 15B-2)

The JAB Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory record form for product U47. Be sure to keep the balance on hand up-to-date.

Transcribed Image Text:

202X Nov. 5 Purchased on account 5 units at a cost of $8 each. (Inventory on hand prior to this purchase was zero units.) 6 Sold 2 units for $16.40 each. (Hint: The inventory record only contains informa- tion about the cost of a product, not the selling price!) This is a cash sale. Sold 2 units for $15.40 each. This is a cash sale. Purchased on account 13 additional units at a cost of $8 each. 7 10