Bridgeport Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company...
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Bridgeport Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 201 units on account at $102 each, returned 6 units for credit, and sold 156 units at $202 each. *(a) Journalize the September transactions, assuming that Bridgeport Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Inventory Accounts Payable (To record purchase of units) Accounts Payable Inventory (To record return of defective units) Accounts Receivable Sales Revenue (To record sales on account) Cost of Goods Sold Inventory (To record cost of goods sold) Debit Credit || || || Bridgeport Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 201 units on account at $102 each, returned 6 units for credit, and sold 156 units at $202 each. *(a) Journalize the September transactions, assuming that Bridgeport Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Inventory Accounts Payable (To record purchase of units) Accounts Payable Inventory (To record return of defective units) Accounts Receivable Sales Revenue (To record sales on account) Cost of Goods Sold Inventory (To record cost of goods sold) Debit Credit || || ||
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Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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