Question: Please help me with the requirements below Question 1 Ruger Inc. presents you with their inventory transaction for November 2019 to record in their data.
Question 1 Ruger Inc. presents you with their inventory transaction for November 2019 to record in their data. Opening inventory was $92,830. 1-11 Purchased 15,000 units of inventory on account for $224,500 5-119 Freight charged by the supplier (also on account) for the above transaction was $29,750 9-11] Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $25,000 to be applied to their account. 12-11. They returned $32,100 of goods to the supplier for credit on their account. 15-119 A purchase discount was received on the order of $14,230 15-119 Payment of $187,500 is made on the above account. 30-11 Sales to customers on account for the month totaled $651,300 30-11] Cost of goods sold on the sales for the month was $144,850 30-119 At the end of the month an inventory count is performed and they find there is $130,900 of inventory left on hand. Requirements: 1 Prepare the entries required under the perpetual system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available: 9 2. Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why. Marks Available: 9
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
