M Company JUNE INVENTORY ENTRIES 1-. Beginning inventory consists of 50 units that cost $34 each....

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M Company JUNE INVENTORY ENTRIES 1-. Beginning inventory consists of 50 units that cost $34 each. (Tel 5-. Purchased 150 units at $34 each 9-. Returned 6 units for credit 10-. Paid balance owed, net of discount. 15-. Sold 125 units at $50 each. Assume perpetual system Prepare all necessary journal entries using the NET METHOD and PERPETUAL INVENTORY Debit Date Accounts 6/10/2022 6/10/2022 6/15/2022 RECORD ENTRY TO PAY the amount owed ON 6/15- AFTER THE DISCOUNT PERIOD HAS expired 6/25/2022 Compute gross profit using the perpetual system. Credit Sales Cost of Goods Sold Gross Profit Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit M Company JUNE INVENTORY ENTRIES 1-. Beginning inventory consists of 50 units that cost $34 each. (Tel 5-. Purchased 150 units at $34 each 9-. Returned 6 units for credit 10-. Paid balance owed, net of discount. 15-. Sold 125 units at $50 each. Assume perpetual system Prepare all necessary journal entries using the NET METHOD and PERPETUAL INVENTORY Debit Date Accounts 6/10/2022 6/10/2022 6/15/2022 RECORD ENTRY TO PAY the amount owed ON 6/15- AFTER THE DISCOUNT PERIOD HAS expired 6/25/2022 Compute gross profit using the perpetual system. Credit Sales Cost of Goods Sold Gross Profit Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit

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Answer 1 prepare journal entries using the NET METHOD and PERPETUAL INVENTORY Journal Entries Date A... View the full answer