1. 2. Journalize the transactions below. A perpetual inventory system is used, Post the journal entries to the Inventory

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1 2 Journalize The Transactions Below A Perpetual Inventory System Is Used Post The Journal Entries To The Inventory 1 (62.67 KiB) Viewed 46 times

1. 2. Journalize the transactions below. A perpetual inventory system is used, Post the journal entries to the Inventory account Dec. 15 Purchased merchandise from Flannery, Inc., 856.000, terms FOB destination. 2/10, 1/45. 21 Sold merchandise on account to Weimer Co., 89.000. terms FOB shipping point. 1/10, 1/30. The cost of merchandise sold was 56,300 23 Paid Flannery, Inc. for invoice of December 15. less discount 30 Received payment from Weimer Co. for the invoice dated December 21. less discount 31 Adjusting entry: A physical count of the merchandise inventory indicates that $1,021,300 of inventory is actually on hand. Note: You need to know the balance in Inventory to calculate this entry, therefore, post the preceding entries that involve Inventory Inventory 980,000 Bal. GENERAL JOURNAL Page DATE DESCRIPTION POST REF DEBIT CREDIT 1 2 3 4 1 . 3 10 11 12 13 14 15 16 17 18