For Each of the Following Economic Events, Prepare the Necessary

question 16

Essay

For each of the following economic events, prepare the necessary journal entries.If no entry is required, explain briefly.Assume a perpetual 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:

Sales Presentation

A formal pitch or demonstration given to potential buyers with the aim of securing a sale.

Trial Close

A technique used in sales to ask a prospective customer a question that assumes the sale is going to be made, in order to gauge their readiness to purchase.

Close-Ended Question

A type of question designed to receive a specific, usually "yes" or "no," answer, limiting the extent of response.