Question

(A) Concord Products uses a perpetual inventory system.On January 1, the Inventory account had a balance of $84,500.During the first few days of January the following transactions occurred: Jan.2 Purchased merchandise on credit from Smith Company for $9,200.Jan.3 Sold merchandise for cash, $22,000.The cost of this merchandise was $14,300.a. Prepare entries in general journal form to record the above transactions.b. What was the balance of the Inventory account at the close of business January 3?(B) Electronics Earehouse uses a perpetual inventory system.At year end the Inventory account has a balance of $314,000,but a physical count shows that the merchandise on hand has a cost of only $309,100. a. Prepare the journal entry required in this situation.b. Indicate all the accounting records to which your journal entry in part a should be posted.

          (A) Concord Products uses a perpetual inventory system.On January 1, the Inventory account had a balance of $84,500.During the first few days of January the following transactions occurred: Jan.2 Purchased merchandise on credit from Smith Company for $9,200.Jan.3 Sold merchandise for cash, $22,000.The cost of this merchandise was $14,300.a. Prepare entries in general journal form to record the above transactions.b. What was the balance of the Inventory account at the close of business January 3?(B) Electronics Earehouse uses a perpetual inventory system.At year end the Inventory account has a balance of $314,000,but a physical count shows that the merchandise on hand has a cost of only $309,100. a. Prepare the journal entry required in this situation.b. Indicate all the accounting records to which your journal entry in part a should be posted.

Added by Bradley J.

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