Jolly Rancher Company uses the periodic inventory system.
Required:
Prepare the journal entries to record the following transactions.Omit explanations.
1.Purchased $500,000 of inventory on account.
2.Sales on account were $840,000.
3.Closed out beginning inventory of $110,000.
4.The ending inventory based on a physical count was $117,000.
5.Closed out purchases account.

Question

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The Answer of Jolly Rancher Company uses the periodic inventory system.
Required:
Prepare the journal entries to record the following transactions.Omit explanations.
1.Purchased $500,000 of inventory on account.
2.Sales on account were $840,000.
3.Closed out beginning inventory of $110,000.
4.The ending inventory based on a physical count was $117,000.
5.Closed out purchases account.

Jolly Rancher Company Uses the Periodic Inventory System