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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 43
Journalizing periodic inventory transactions
Halton Prosthetics uses the periodic inventory system and had the following transactions:
a. Purchase of inventory on account, $2,000
b. Sale or inventory on account for $3,100
c. Closing entries:
(1) Beginning inventory, $480
(2) Ending inventory at FIFO cost, $670
(3) Purchases, $2,000
(4) Cost of goods sold at FIFO cost, $1,810
Requirement
1. Journalize the transactions for the company.
Halton Prosthetics uses the periodic inventory system and had the following transactions:
a. Purchase of inventory on account, $2,000
b. Sale or inventory on account for $3,100
c. Closing entries:
(1) Beginning inventory, $480
(2) Ending inventory at FIFO cost, $670
(3) Purchases, $2,000
(4) Cost of goods sold at FIFO cost, $1,810
Requirement
1. Journalize the transactions for the company.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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