Reference no: EM132694199

Question - Griffin Company purchases and resells various electronics to consumers. Listed below are the transactions for the month of September. Griffin has a beginning inventory balance of $5,900 at September 1.

Sep. 1 Purchased $11,000 of merchandise inventory; terms 1/15, n/30.

Sep 7 Purchased for cash $9,900 of merchandise inventory.

Sep 9 Contacted a major supplier to place an order for $55,000 to be shipped on October 31.

Sep 10 Purchased $16,500 of merchandise inventory; terms 2/15, n/45.

Sep 11 Purchased $2,700 of supplies; terms n/15.15 Paid for the merchandise purchased on September 1.1

Sept 18 Paid for the supplies purchased on September 11.

Oct.20 Paid for the September 10 purchase.

Instructions -

a) Journalize the transactions using the perpetual inventory system.

b) Determine the balance of the Inventory account at September 30.