Assignment Help - homework help

Prepare journal entries under a periodic inventory system


Problem

Prepare journal entries, under a periodic inventory system, for the following:

1. Tania's Tables Ltd. purchased 4 tables at $1500 each for resale on credit. How would she journalise this?

2. Tania realises that 1 of the tables purchased was faulty and she returns it for a full refund. How would she journalise this?

3. Then, Tania sells 2 of the tables at a 50% mark-up by cash. How is this recorded in the book?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Prepare journal entries under a periodic inventory system
Reference No:- TGS02616118

Now Priced at $15 (50% Discount)

Recommended (96%)

Rated (4.8/5)