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gOOvER gOOvER
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6 years ago
Sam Levine Merchandising had the following transactions during May:

May   1   Beginning inventory was 20 units valued at $25 per unit.
May   5   Purchased 80 units of merchandise on account for $2,160, terms n/15,
   FOB shipping point.
May   9   Paid transportation cost on the May 5 purchase, $240.
May 10   Returned two units of defective merchandise purchased on May 5.
May 11   Sold 30 units for $50 per unit on account.
May 15   Paid for the May 5 purchase, less the return .
May 20   Sold 10 units for $50 per unit on account.

Required:
1.   Assuming FIFO and that the perpetual inventory system is used, prepare the journal entries to record the above transactions.

2.   Assuming weighted-average and that the periodic inventory system is used, prepare the journal entries to record the above transactions.
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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KryzenKryzen
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gOOvER Author
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5 years ago
Your help has been outstanding, keep it up!
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