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Determine the balance of the inventory account at september

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50 Cent Lollypops purchases and resells assorted candies to consumers. Listed below are the transactions for the month of September. 50 Cent has a beginning inventory balance of $6,350 at September 1.

Sep. 2

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

5

  • Sold all merchandise inventory included in the opening balance September 1 for $8,500 cash.

7

  • Purchased for cash $9,900 of merchandise inventory.

10

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

11

  • Sold all merchandise inventory originally purchased on September 2 for $18,500 on account.

18

  • Paid for the merchandise purchased on September 2.

18

  • Paid for the September 10 purchase.

Instructions

Problem a) Journalize the transactions using the perpetual inventory system.

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

Reference no: EM132784595

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