On 1 June Makron had inventory on hand with a cost price of R10 000. The...

 

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On 1 June Makron had inventory on hand with a cost price of R10 000. The following purchases were made during the month: June 10 Purchases goods on credit for 20 Purchases goods by cheque for The following sales were made during the month: June 15 Sold goods on credit for R10 000 (cost of sales amount to R5 000) June 25 Sold goods for R6 000 cash (cost of sales amount to R3 000) The value of inventory on hand at 30 June as established per physical inventory take is R17 000. R 7 000 8 000 Required Journalise the above transactions, including closing entries, using the perpetual inventory method. On 1 June Makron had inventory on hand with a cost price of R10 000. The following purchases were made during the month: June 10 Purchases goods on credit for 20 Purchases goods by cheque for The following sales were made during the month: June 15 Sold goods on credit for R10 000 (cost of sales amount to R5 000) June 25 Sold goods for R6 000 cash (cost of sales amount to R3 000) The value of inventory on hand at 30 June as established per physical inventory take is R17 000. R 7 000 8 000 Required Journalise the above transactions, including closing entries, using the perpetual inventory method.

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Here are the journal entries for the transactions using the perpetual inventory method 1 June 10 Pur... View the full answer