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Home / Questions / Assuming the use of the periodic inventory system use the data below to calculate the net

Assuming the use of the periodic inventory system use the data below to calculate the net

Assuming the use of the periodic inventory system, use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31, 20x8.

 

Merchandise Inventory, December 31, 20x7

$2,307

Merchandise Inventory, December 31, 20x8

2,041

Cost of Goods Sold

7,604

 

 

 

169.Assuming the use of the periodic inventory system, use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31, 20x8.

 

Merchandise Inventory, December 31, 20x7

$ 2,830

Merchandise Inventory, December 31, 20x8

3,482

Cost of Goods Sold

18,048

 

 

 

170.Assume that the $5,509 sales made by Exotic Corporation for the month ended December 31, 20x7, were made to customers using credit cards. Prepare one entry in journal form to record these sales assuming that all of the credit card companies charge Exotic a 2 percent discount fee. (Omit date and explanation.) Round to the nearest whole dollar.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

Jan 11 2020 View more View Less

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