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Rudiy27
3 years ago
9

Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3,300 of merchandise for cash. Complete

the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3.300 of merchandise for cash. Note: Enter debits before credits
Business
1 answer:
Montano1993 [528]3 years ago
8 0

Answer:

December 1, 202x, merchandise purchased for cash

Dr Merchandise inventory 3,300

    Cr Cash 3,300

Explanation:

When a company uses a perpetual inventory system, any purchases or sales are recorded directly using the appropriate inventory account. When a company uses a periodic inventory system, you should use a purchase account instead.

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3 years ago
The Playa Company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). R
nikklg [1K]

Answer:

Particulars                                      2021                2022                    2023

Beginning Inventory                        <u>277</u>                <u>253</u>                         235

Cost of Goods sold                          633                623                        <u> </u><u>586</u>

Ending inventory                             <u> </u><u>253 </u>              235                          220

Cost of good available for sale       886                <u>876</u><u> </u>                         806

Purchases                                         640                <u>623 </u>                         595

Purchase discounts                           20                   17                            <u>26</u>

Purchase returns                               26                   32                            16

Freight-in                                            15                    34                            18

Explanation:

There are few missing values which are calculated using back solving technique. These values are bold and underlined. Playa Company has missing information for its three year accounts.

Available for sale = Beginning inventory + Net Purchases

Cost of Goods Sold =  Cost of good available for Sales - Ending inventory

Ending inventory = Cost of Goods available for Sales - Cost of Goods Sold.

Net purchases = Gross purchases + Freight in - Purchase discount - Purchase return

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Select the correct answer from each drop-down menu.
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