1. State College Technology Store is a retial computer store in the university center of a...

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1. State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company's inventory amounted to $150000. b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. c. Compute the cost of goods sold assuming use of periodic inventory system. d. To create year-end blance for cost of goods sold, please close the beginning inventory, purchases and ending inventory accounts assuming that the company uses periodic inventory system. Date Date Date Date Debit Date Debit Debit Credit Debit Credit e. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system. Debit Credit Credit Db Credit Db Db Db Cr Db Cr Cr Cr Cr f. Suppose you have just opened your own coffee shop in Lefke. Would you use periodic or perpe inventory: em? Please explain in a couple of sentence (5 points) 1. State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company's inventory amounted to $150000. b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. c. Compute the cost of goods sold assuming use of periodic inventory system. d. To create year-end blance for cost of goods sold, please close the beginning inventory, purchases and ending inventory accounts assuming that the company uses periodic inventory system. Date Date Date Date Debit Date Debit Debit Credit Debit Credit e. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system. Debit Credit Credit Db Credit Db Db Db Cr Db Cr Cr Cr Cr f. Suppose you have just opened your own coffee shop in Lefke. Would you use periodic or perpe inventory: em? Please explain in a couple of sentence (5 points)

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a Journal Entries under Periodic Inventory System Date Account Titles and Explanation Debit Credit Jan 8 Purchases 20 800 each 16000 Accounts Payable ... View the full answer