A B C D E F G H 2 C.1 - Inventory Perpetual & Periodic [15 marks; approx. 22 mins] 3 Ucluelet Supplies Co. had a beginning inventory of the following: 4 Unit 5 Date Description Units Value 6 1/Sep/23 Beginning Inventory 50 $ 100 each 7 8 During September, the company had the following transactions: 30/Sep/23 Purchases on account 200 $ 100 each 10 30/Sep/23 Returns on account 6 11 30/Sep/23 Sales on account 150 $ 200 each 12 13 [1] Prepare the Journal Entries for September transactions [4 marks] 14 Assume the company uses a PERPETUAL inventory system. 15 JOURNAL 16 Date Account Title and Explanation Debit Credit 17 30/Sep/23 18 19 To record purchase on account 20 21 30/Sep/23 22 23 To record purchase return on account 24 25 30/Sep/23 26 27 To record sales on account 28 C.1 NewA B C D E F G H 19 To record purchase on account 20 21 30/Sep/23 22 23 To record purchase return on account 24 25 30/Sep/23 26 27 To record sales on account 28 29 30/Sep/23 30 31 To record cost of goods sold 32 33 34 Account Titles used: 35 Accounts payable 36 Accounts receivable 37 Cost of Goods Sold 38 Inventory 39 Sales Revenue 40 41 [2] Prepare the Journal Entries for September transactions [6 marks] 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 Date Account Title and Explanation Debit Credit 45 30/Sep/23A B C D E F G H 40 41 [2] Prepare the Journal Entries for September transactions [6 marks] 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 Date Account Title and Explanation Debit Credit 45 30/Sep/23 46 47 To record purchase on account 48 49 30/Sep/23 50 51 To record purchase return on account 52 53 30/Sep/23 54 55 To record sales on account 56 57 58 Account Titles used: 59 _ Accounts payable 60 Accounts receivable 61 Purchases 62 Purchase returns & allowances 63 Sales revenue 64 65 [3] Assuming the company uses a PERIODIC system and prepares financial 66 statements at the end of each month. Unit 67 Date Description Units ValueA B C D E F G H 64 65 [3] Assuming the company uses a PERIODIC system and prepares financial 66 statements at the end of each month. Unit 67 Date Description Units Value 68 30/Sep/23 Inventory count determines units on hand 94 $ 100 each 69 70 Prepare the Adjusting Entry that is needed at September 30 [5 marks] 71 to report Cost of Goods Sold 72 JOURNAL 73 Date Account Title and Explanation Debit Credit 74 30/Sep/23 75 76 77 78 79 To record adjustment for Cost of Goods Sold 80 81 82 Account Titles used: 83 Inventory (Beginning) 84 Inventory (Ending) 85 Cost of goods sold 86 Purchases 87 Purchase returns & allowances