For Each of the Following Economic Events Prepare the Necessary

question 69

Essay

For each of the following economic events prepare the necessary journal entries.If no entry is required, explain briefly.Assume a periodic inventory system.
A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
C) Inventory worth $2,000 is damaged in the warehouse and written off.
D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
E) Paid the amount owing from this month's purchases of inventory.
F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

• A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
• C) Inventory worth $2,000 is damaged in the warehouse and written off.
• D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
• E) Paid the amount owing from this month's purchases of inventory.
• F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

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Definitions:

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