ON 1st of April Boulevard Ltd. purchased 500 units of merchandises at a cost of $40 / unit The transaction was made with discount terms 2/10, n/30 On 6 of April the company sold 100 units for $12,000 with discount terms 2/15, n/30 On April 12 the company paid the supplier for the purchased of April 1st On April 15 the company received the payment from the client for the sale of April 6. 

 

1.Record the transaction on the journal considering the company uses a perpetual inventory system.

 

2.Calculate the ending inventory at April 30 taking into account that no more transactions were made during the month.

Answer rating: 100% (QA)

Journal Entries On April 1 Inventory 500 units x 40 20000 Accounts Payable 20000 To record the pu... View the full answer