Ucluelet Supplies Co. had a beginning inventory of the following: Date Description 1/Sep/23 Beginning Inventory Units...

 

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Ucluelet Supplies Co. had a beginning inventory of the following: Date Description 1/Sep/23 Beginning Inventory Units Unit Value 50 $100 each During September, the company had the following transactions: 30/Sep/23 Purchases on account 30/Sep/23 Returns on account 30/Sep/23 Sales on account 200 $100 each 6 150 $ 200 each [4 marks] [1] Prepare the Journal Entries for September transactions Assume the company uses a PERPETUAL inventory system. JOURNAL Date 30/Sep/23 Account Title and Explanation To record purchase on account 30/Sep/23 30/Sep/23 To record purchase return on account To record sales on account Debit Credit 20 22222 A 30/Sep/23 B C D To record purchase on account E F G H To record purchase return on account 24 25 30/Sep/23 26 27 To record sales on account 28 29 30/Sep/23 30 31 To record cost of goods sold 32 33 34 Account Titles used: 35 Accounts payable 36 Accounts receivable 37 Cost of Goods Sold 38 Inventory 39 Sales Revenue 40 41 [2] Prepare the Journal Entries for September transactions 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 45 Date 30/Sep/23 46 Account Title and Explanation [6 marks] Debit Credit 40 10 A D E F G H 41 [2] Prepare the Journal Entries for September transactions 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 Date Account Title and Explanation 45 30/Sep/23 46 47 To record purchase on account 48 49 30/Sep/23 50 51 To record purchase return on account 52 53 30/Sep/23 54 55 To record sales on account 56 57 58 Account Titles used: 59 Accounts payable 60 Accounts receivable [6 marks] Debit Credit 61 Purchases 62 Purchase returns & allowances 63 Sales revenue 64 65 66 [3] Assuming the company uses a PERIODIC system and prepares financial statements at the end of each month. 67 Date Description Unit Units Value 64 A B C D E F G H 65 [3] Assuming the company uses a PERIODIC system and prepares financial 66 statements at the end of each month. 67 Date Description Units Unit Value 68 30/Sep/23 Inventory count determines units on hand 94 $100 each 69 70 Prepare the Adjusting Entry that is needed at September 30 [5 marks] 71 to report Cost of Goods Sold 72 JOURNAL 73 Date Account Title and Explanation 74 30/Sep/23 75 76 77 78 79 To record adjustment for Cost of Goods Sold 80 81 82 Account Titles used: 83 Inventory (Beginning) 84 Inventory (Ending) 85 Cost of goods sold 86 Purchases 87 Purchase returns & allowances Debit Credit Ucluelet Supplies Co. had a beginning inventory of the following: Date Description 1/Sep/23 Beginning Inventory Units Unit Value 50 $100 each During September, the company had the following transactions: 30/Sep/23 Purchases on account 30/Sep/23 Returns on account 30/Sep/23 Sales on account 200 $100 each 6 150 $ 200 each [4 marks] [1] Prepare the Journal Entries for September transactions Assume the company uses a PERPETUAL inventory system. JOURNAL Date 30/Sep/23 Account Title and Explanation To record purchase on account 30/Sep/23 30/Sep/23 To record purchase return on account To record sales on account Debit Credit 20 22222 A 30/Sep/23 B C D To record purchase on account E F G H To record purchase return on account 24 25 30/Sep/23 26 27 To record sales on account 28 29 30/Sep/23 30 31 To record cost of goods sold 32 33 34 Account Titles used: 35 Accounts payable 36 Accounts receivable 37 Cost of Goods Sold 38 Inventory 39 Sales Revenue 40 41 [2] Prepare the Journal Entries for September transactions 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 45 Date 30/Sep/23 46 Account Title and Explanation [6 marks] Debit Credit 40 10 A D E F G H 41 [2] Prepare the Journal Entries for September transactions 42 Assume the company uses a PERIODIC inventory system 43 JOURNAL 44 Date Account Title and Explanation 45 30/Sep/23 46 47 To record purchase on account 48 49 30/Sep/23 50 51 To record purchase return on account 52 53 30/Sep/23 54 55 To record sales on account 56 57 58 Account Titles used: 59 Accounts payable 60 Accounts receivable [6 marks] Debit Credit 61 Purchases 62 Purchase returns & allowances 63 Sales revenue 64 65 66 [3] Assuming the company uses a PERIODIC system and prepares financial statements at the end of each month. 67 Date Description Unit Units Value 64 A B C D E F G H 65 [3] Assuming the company uses a PERIODIC system and prepares financial 66 statements at the end of each month. 67 Date Description Units Unit Value 68 30/Sep/23 Inventory count determines units on hand 94 $100 each 69 70 Prepare the Adjusting Entry that is needed at September 30 [5 marks] 71 to report Cost of Goods Sold 72 JOURNAL 73 Date Account Title and Explanation 74 30/Sep/23 75 76 77 78 79 To record adjustment for Cost of Goods Sold 80 81 82 Account Titles used: 83 Inventory (Beginning) 84 Inventory (Ending) 85 Cost of goods sold 86 Purchases 87 Purchase returns & allowances Debit Credit