Assignment

This assignment will demonstrate the following learning objectives:

Analyze and Record Transactions for Merchandise Purchases and Sales Using the Perpetual Inventory System

Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System

Record the following transactions using the perpetual and periodic inventory system. (50 Points)

Then discuss the differences between the two systems. (5 Points)

Transactions for the Turi Company

Date	Transaction
May 1, 2020	The Turi Company purchased 1,000 widgets from the Smith Company for $25 each. Purchase was on credit, terms 3/10, n/30
May 2, 2020	The Smith Company shipped the goods FOB Shipping point, $100
May 3, 2020	The Turi Company sold 10 widgets for $45 each
May 4, 2020	The Jones Company purchased 25 widgets from the Turi Company on credit, $45 each. Will pay in 30 days
May 7, 2020	The Jones Company purchased 25 widgets from the Turi Company on credit, $45 each. Will pay in 30 days
May 7, 2020	The Turi Company sent back 75 widgets to the Smith Company due to low sales
May 9, 2020	On May 9th we paid the Smith Company for goods purchased
May 12, 2020	The Jones Company purchased 25 additional widgets at $45 each, on credit but wanted them delivered. FOB Destination, $75 (Cash)
May 20, 2020	The Jones Company returned 10 widgets. They didnt need them
May 30, 2020	The Jones Company paid there account off
May 31, 2020	The Turi Company purchased 250 widgets from the Smith Company for $35 each. Purchase was on credit, terms 3/10, n/30