The following information is taken from the accounting records of Frog Ltd for the year ended 30

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The following information is taken from the accounting records of Frog Ltd for the year ended 30 June 2016:

Inventory 1 July 2015 Purchases (all credit) Sales (all credit) Inventory 30 June 2016 Operating expenses

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.

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Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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Question Posted: Feb 04, 2024 08:00 AM

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The following information is taken from the accounting records of Frog Ltd for the year ended 30

Question:

$ 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. 40000 120000 210000 19800 35000

Step by Step Answer:

To answer your questions we will start by preparing summary journal entries and closing entries for both perpetual and periodic inventory systems and then create an income statement for each Perpetual ...View the full answer

Financial Accounting An Integrated Approach

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