For each of the following economic events prepare the necessary journal entries.If no entry is required, explain briefly.Assume a periodic inventory system.
A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
C) Inventory worth $2,000 is damaged in the warehouse and written off.
D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
E) Paid the amount owing from this month's purchases of inventory.
F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

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The Answer of For each of the following economic events prepare the necessary journal entries.If no entry is required, explain briefly.Assume a periodic inventory system.
A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
C) Inventory worth $2,000 is damaged in the warehouse and written off.
D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
E) Paid the amount owing from this month's purchases of inventory.
F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

For Each of the Following Economic Events Prepare the Necessary