Question: Using the data set below relating to a periodic inventory system, what entries are made on April 6 and April 12? Ignore any cost flow

 Using the data set below relating to a periodic inventory system,

Using the data set below relating to a periodic inventory system, what entries are made on April 6 and April 12? Ignore any cost flow method assumptions. Date Event Amount 1-Apr Beginning inventory 1,000 2.Apr Sales on account (cost 8,000) 12,000 6-Apr Inventory purchases 2/10,n/30 8,000 10-Apr Inventory returns 1,000 12 Apr Freight paid 600 13-Apr Payments on account 2,500 30-Apr Actual Inventory count 2,500 Debit Credit 4/6 Purchases 7,840 Purchase discounts 160 Accounts payable 8,000 4/12 Inventory 600 Cash 600 OB Debit Credit 4/6 Inventory 8,000 Accounts payable 8,000 4/12 Inventory 600 Cash 600 oc Dobit Credit 4/6 Purchases 8,000 Accounts payable 8,000 4/12 Freight in 600 Cash 600 OD Debit Credit 4/6 Inventory 8,000 Accounts payable 8,000 4/12 Freight in 600 Accounts payable 600

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!