ACC 205 Week 3 Exercise 3 Perpetual inventory system journal entries

ACC 205 Week 3 Exercise 3 Perpetual inventory system journal entries

Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The following transactions occurred:

  • Purchases on account: 500 units @$4 = $2,000
  • Sales on account: 300 units @ $5 = $1,500
  • Purchases on account: 600 units @$5 = $3,000
  • Sales on account: 300 units @ $5 = $1,500
  1. Prepare journal entries for the above purchases and sales.
  2. Calculate the balance in the firm’s Inventory account

 

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