On September 1, Shediac Bay Marine had an inventory of 20 boats at a cost of $1,800 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred:
Sept. 3 Purchased 40 boats at $1,800 each from Moncton Fibreglas. The boats were shipped FOB destination terms n/30.
3 The appropriate party paid the freight costs.
6 Received credit of $7,200 for the return of 4 boats purchased on Sept. 3 that were defective.
7 Paid for the September 3 purchase.
9 Sold 20 boats for $3,000 each to Rothesay Yacht Club on credit.
13 Cash sale of 15 boats for $3,000 each to Deer Island Ferry.
21 Purchased 25 boats at $1,800 each from Buctouche Supply terms n/30.
Instructions
a. Journalize the September transactions for Shediac Bay Marine, using a perpetual inventory system.
b. Determine the number of boats the company should have remaining on September 30.

Question

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The Answer of On September 1, Shediac Bay Marine had an inventory of 20 boats at a cost of $1,800 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred:
Sept. 3 Purchased 40 boats at $1,800 each from Moncton Fibreglas. The boats were shipped FOB destination terms n/30.
3 The appropriate party paid the freight costs.
6 Received credit of $7,200 for the return of 4 boats purchased on Sept. 3 that were defective.
7 Paid for the September 3 purchase.
9 Sold 20 boats for $3,000 each to Rothesay Yacht Club on credit.
13 Cash sale of 15 boats for $3,000 each to Deer Island Ferry.
21 Purchased 25 boats at $1,800 each from Buctouche Supply terms n/30.
Instructions
a. Journalize the September transactions for Shediac Bay Marine, using a perpetual inventory system.
b. Determine the number of boats the company should have remaining on September 30.

On September 1, Shediac Bay Marine Had an Inventory of 20