Perpetual Inventory System Assignment | Top Universities

Exercise 5-5 Olaf Corp. uses a perpetual inventory system. The company had the following Inventory transactions in April: April 3 6 7 8 30 Purchased merchandise from Whispering Winds Ltd. for 126,800, terms 1/10, 1/30, POB shipping point The appropriate company paid freight costs of $120 on the merchandise purchased on April Purchased supplies on account for $4,930. Returned damaged merchandise to Whispering Winds and was given a purchase allowance of $2,700.
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The merchandise was repaired by Whispering Winds and return Paid the amount due to Whispering Winds in full. 1. The cost of the merchandise soldiers in April was $19,50 2. The cost of the merchandise returned in April was $2,300 3. whispering Winds uses a perpetual inventory system. Your answer is partially correct. Try again. Record the transactions in the books of Whispering Wires. (Creall run whes are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry”For he accounts titless and enters for the amounts.) Date Account Titles and Explanation Credit for. 3 Accounts Receivable TCash 5930 (To record credit sale! cost of Goods Sold 26300 T 26000 Inventory (To record cost of merchandise sold Inventory Accounts Payable Soples Accounts Payable STANDARD VIEW Accounts Payable Inventory (To record return of goods) inventory Accounts Payable (To record cost of merchandise returned) zu Tech Account Receivable 26800 SHOW UTST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again Assume that whispering winds received the balaron due from Olat on April 12 instead of April 20. are the journal entry to record this collection on whispering Winds books. (Credit account titles a not indent manually. Il nostra is required, select “No Entry” for the entities and enter for the amounts. Round answers to the nearest whole dollar eg 5.725) u automatically indented when the amount is entered Date Act Titles and Explanation Credit Apr. 12 Sales Discount Trash Accounts Recente. Get Accounting Homework Help Today

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