E 8.01 – John’s Specialty Store (Perpetual Inventory System)
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare the necessary journal entries to record the transactions.
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Prepare the necessary journal entries to record the transactions.
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Given the amount that merchandise was purchased for, the freight charges, the cost of merchandise returned, cost of the merchandise, and how much it was sold for… prepare a journal entry for the transactions.
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Given a list of debits and credits along with ending inventory… find the costs of goods sold.
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Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
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Given a list of records for three consecutive years… find the missing numbers.
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Determine the correct inventory amount to be reported.
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Given a list of transactions… calculate the correct inventory balance that would be reported on the balance sheet.
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Prepare the journal entry to record the purchase and payment.
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Determine the cost of goods sold for the year using the FIFO and LIFO methods.
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Given the starting inventory with price, inventory purchases, sales through numerous dates, and ending inventory… find the cost of goods sold using FIFO method in a perpetual inventory system.
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