The beginning inventory of Beta company consisted of 100 units @ $60 each. The following transactions occurred during the month of March 2013.

• • Mar. 05: Purchased 300 units @ $60 each.
• • Mar. 06: Out of 300 units purchased on March 05, 10 units were returned to the supplier.
• • Mar: 28: Sold 250 units @ $100 each.

On March 31, 2013, 140 units were found by a physical count.

Required: 

Make journal entries for the month of June assuming the Beta company uses:

1. perpetual inventory system.

2. periodic inventory system.

Answer rating: 100% (QA)

Q1 Perpetual Inventory System Mar 05 Inventory 300 units x 60 18000 Cash Accounts Payable 18000 Mar ... View the full answer