Using the Perpetual Inventory System, Journalize the Entries for the Following

question 207

Essay

Using the perpetual inventory system, journalize the entries for the following selected transactions:
(a)Sold merchandise on account for $12,000, terms n/30. The cost of the goods sold was $6,500.(b)Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the goods sold was $5,300.(c)Sold merchandise to customers who used American Express, $2,900. The cost of the goods sold was $1,700.(d)Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales.(e)Paid an invoice from American Express for $75 fee.

---

Definitions:

Staffing Table

A detailed outline used by organizations to identify the current and future human resource requirements of each department, including job titles and the number of positions needed.

Operational Assumptions

Preconceived notions or expectations about how daily business operations should proceed or will occur.

Scenario Planning

A strategic planning method that organizations use to visualize and prepare for various future conditions or events.

Qualitative Forecasting

Prediction methods that rely on expert judgments and non-numerical information, often used for making long-term assessments.