Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a…

Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:

• Purchases on account: 500 units @$4 = $2,000

• Sales on account: 300 units @ $5 = $1,500

• Purchases on account: 600 units @$5 = $3,000

• Sales on account: 300 units @ $5 = $1,500

a. Prepare journal entries for the above purchases and sales.

b. Calculate the balance in the firm’s Inventory account.

"Is this question part of your assignment? We can help"

ORDER NOW

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *