Question: BE8.9 (LO 2, 5 ) Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on

BE8.9 (LO 2, 5) Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200 each.

a. Journalize the September transactions, assuming that Global Ltd. uses a perpetual inventory system.

b. Journalize the September transactions, assuming that Global Ltd. uses a periodic inventory system.

c. Assume that Global Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 94 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

LO 3,6) BE8-9 Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company pur- chased 200 units on account at $100 each, returned 6 units for credit, and sold...

Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200...

1. Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203 units on account at $100 each, returned 9 units for credit, and sold 151 units at...

Ayayai Ltd. had beginning inventory of 54 units that cost $100 each. During September, the company purchased 202 units on account at $100 each, returned 8 units for credit, and sold 154 units at $200...

Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203 units on account at $100 each, returned 9 units for credit, and sold 151 units at...

Intermediate Accounting, having trouble with this chapter, appreciate the help! Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203...

Current Attempt in Progress Novak Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 208 units on account at $100 each, returned 7 units for credit,...

Periodic Inventory System (Version 4) Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at 2 $100 each, returned 7 units...

Prepare journal entries for the September transactions, assuming that Ayayai uses a periodic inventory system. ( Credit account titles are automatically indented when the amount is entered. Do not...

A study was conducted at the Virginia- Maryland Regional College of Veterinary Medicine Equine Center to determine if the performance of a certain type of surgery on young horses had any effect on...

When will risk of loss pass from the seller to the buyer under each of the following contracts, assuming the parties have not expressly agreed on when risk of loss would pass? 1. A New York seller...

The police department of the City of Cat pays $ 8 , 0 0 0 for a new computer and another $ 1 , 0 0 0 for a training class taken last week by an employee to learn how to operate the computer. How are...

Bruin, Incorporated, has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 $ 36,900 $ 36,900 1 19,260 6,760 2 14,760 13,260 3 12,260 19,760 4 9,260 23,760...